AGL 5.95 Decreased By ▼ -0.13 (-2.14%)
ANL 9.26 Decreased By ▼ -0.14 (-1.49%)
AVN 80.82 Decreased By ▼ -0.64 (-0.79%)
BOP 5.20 Decreased By ▼ -0.07 (-1.33%)
CNERGY 4.86 Decreased By ▼ -0.04 (-0.82%)
EFERT 81.82 Increased By ▲ 0.27 (0.33%)
EPCL 53.94 Decreased By ▼ -0.06 (-0.11%)
FCCL 14.29 Decreased By ▼ -0.11 (-0.76%)
FFL 5.93 Decreased By ▼ -0.12 (-1.98%)
FLYNG 7.44 Decreased By ▼ -0.12 (-1.59%)
FNEL 4.95 Decreased By ▼ -0.05 (-1%)
GGGL 9.18 Decreased By ▼ -0.14 (-1.5%)
GGL 16.51 Decreased By ▼ -0.19 (-1.14%)
HUMNL 6.14 Increased By ▲ 0.45 (7.91%)
KEL 2.77 Decreased By ▼ -0.02 (-0.72%)
LOTCHEM 30.81 Increased By ▲ 0.26 (0.85%)
MLCF 27.45 Decreased By ▼ -0.34 (-1.22%)
OGDC 74.27 Increased By ▲ 0.27 (0.36%)
PAEL 15.98 Decreased By ▼ -0.21 (-1.3%)
PIBTL 5.21 Decreased By ▼ -0.02 (-0.38%)
PRL 17.01 Decreased By ▼ -0.28 (-1.62%)
SILK 1.10 Increased By ▲ 0.01 (0.92%)
TELE 10.00 Decreased By ▼ -0.04 (-0.4%)
TPL 7.65 Decreased By ▼ -0.05 (-0.65%)
TPLP 19.41 Decreased By ▼ -0.36 (-1.82%)
TREET 22.72 Decreased By ▼ -0.47 (-2.03%)
TRG 146.80 Decreased By ▼ -0.55 (-0.37%)
UNITY 17.09 Decreased By ▼ -0.10 (-0.58%)
WAVES 10.33 Decreased By ▼ -0.05 (-0.48%)
WTL 1.42 Decreased By ▼ -0.04 (-2.74%)
BR100 4,330 Increased By 3.4 (0.08%)
BR30 16,296 Increased By 46.9 (0.29%)
KSE100 42,904 Increased By 23.3 (0.05%)
KSE30 15,805 Decreased By -4.6 (-0.03%)
Follow us

LONDON: UK’s FTSE 100 tumbled on Thursday as investors globally fretted over the broadening impact of inflation on economic growth and corporate profits, while Royal Mail slumped after reporting disappointing results.

The export-oriented FTSE 100 dropped 1.8%, joining a rout in global markets, with the stronger pound weighing on consumer companies.

Unilever, Diageo, Reckitt Benckiser , and British American Tobacco were down between 1.7% and 5.3%, while supermarket chain Tesco dropped nearly 4.1%.

Investors wiped almost 25% off US retailer Target’s shares on Wednesday after its profit halved, and it fell another 4.9% on Thursday.

“Target is more of a discount retailer. The expectation would’ve been that they may have not been hit so badly by the slowdown in consumer spending. Inflation hit them worse,” said Chris Beauchamp, chief market analyst at online trading platform IG.

“You’re seeing that across the retailers this morning in Europe, (they’re falling) on expectation that they will also take a hit. There is no hiding place on the bad news.” Royal Mail was fell 12.4% to its lowest level since December 2020 after its full-year profit came in slightly below market expectations and the postal company warned of margin pressures in the United States.

Oil and gas stocks also declined as worries about slowing global economic growth knocked crude prices.

Data this week showed British inflation hit a 40-year peak in April, deepening worries about the pain inflicted on consumers and a potential recession.

The FTSE 100 and the domestically focussed midcap indexes have lost almost 2% so far this week.

On Thursday, housebuilder Countryside Partnerships Plc slid 1.6% after it posted a lower half-year profit as the group recovers from operational issues including costly expansions and losses from manufacturing businesses.

Comments

Comments are closed.

FTSE 100 tumbles

PM Shehbaz urges Turkiye to invest in Pakistan's mega solar project

Ishaq Dar says Pakistani delegation to leave for Russia for potential oil deal

Pakistan secures €150mn in aid from ECO Trade and Development Bank: Marriyum

Saudi Arabia blocks Qatari beIN’s World Cup streaming platform

Ukraine president’s chief of staff says Russia ‘will pay’ for Soviet-era famine

Xi tells Kim China willing to work with North Korea for ‘world peace’

Owned by resident Pakistanis: FBR starts taxing hundreds of foreign properties

Argentina look to Messi to salvage World Cup bid

China’s Shenzhen Energy signs long-term LNG contract with BP

Overnight reverse repo (ceiling) rate to be 17pc