FTSE 100 ends the week lower than it started for first time in a month

A bruising session yesterday meant that the FTSE 100 closed the week lower than it started for the first time in a month, while its European cousins saw sharp dips.

Evraz and Fresnillo and other big miners were among London’s worst losers, while gambling companies also fared poorly.

“It’s been a disappointing end to the week for European markets, with the FTSE 100 posting its first weekly decline since midDecember, while the Dax has fallen sharply, sliding to a one month low, with all sectors firmly in the red,” said CMC Markets analyst Michael Hewson.

“Sentiment hasn’t been helped by rising concern that the situation on the Ukraine, Russia border may be deteriorating further after the US announced that it was considering evacuating diplomat family members from Ukraine, with the Dax seeing the biggest losses.

“As far as the FTSE 100 is concerned there have been pockets of green, with defensives outperforming, as investors reach for the tobacco stocks to calm their nerves, while GlaxoSmithKline has also edged higher.

“The biggest losers have been basic resources, energy and financials, all of the big winners of the last few weeks, with banks feeling the effects of the sharp slide in yields, while today’s weakness in oil prices is weighing on BP and Royal Dutch Shell.”

The FTSE closed down 1.2%, a 90.88 point drop, ending at 7,494.13.

In Frankfurt the Dax closed down 1.9%, while Paris’s Cac 40 dropped 1.8%.

In New York markets avoided the worst of the falls. The S&P 500 was trading down 0.5% and the Dow Jones was down 0.2% shortly after European markets closed.

Sterling rose 0.1% and by the end of the day one pound could buy 1.3561 dollars or 1.1953 euros.

The biggest risers on the FTSE 100 included British American Tobacco, up 24.5p to 3,138p and Burberry, up 15p to 1,925.5p. The biggest fallers included Entain, down 89p to 1,635p and United Utilities, down 24p to 540.6p.

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Biggest losers have been basic resources, energy and financials