Housebuilders and retailers were the main drag on the FTSE 100 index as oil prices took a retreat, as reported by The Independent. The UK’s top stock market ended the week in negative territory, slipping 26.88 points or 0.32% to close at 8,358.25 on Friday. Despite the release of stronger-than-expected retail sales data, retail stocks including Next, Marks & Spencer, and JD Sports Fashion moved lower. The retail sales growth in September was 0.3%, slower than the previous month’s 1% growth, with declining grocery sales affecting the technology sector.
The oil prices witnessed sharp movements on Friday, with Brent crude falling by more than 2% to around 72.70 US dollars as European markets closed. Chris Beauchamp, chief market analyst at IG, noted the selling pressure on oil, pushing it to a fresh two-week low, while gold continued to soar to record highs driven by geopolitical concerns, central bank buying, and falling interest rates. The markets in Paris and Frankfurt saw gains, with the Cac 40 and Dax closing higher. In New York, the S&P 500 was up about 0.3%, and Dow Jones dipped 0.1% by the time European markets closed.
The pound was slightly down against the euro and up against the US dollar. In company news, Boohoo shares dropped after the announcement of the chief executive’s decision to step down and the launch of a strategic review to enhance shareholder value. Meanwhile, shares in Mothercare rallied as the children’s retailer reported a return to profit in the year to the end of March despite lower sales. Mothercare’s growth was seen particularly in the UK region, with shares closing 40.5% higher.
On the FTSE 100 index, the biggest risers were Prudential, Fresnillo, Anglo American, Endeavour Mining, and Antofagasta. The biggest fallers included DS Smith, British American Tobacco, Vistry, Next, and Taylor Wimpey. The markets remained dynamic with various factors impacting different sectors and companies, reflecting the ongoing volatility and challenges in the global economy.