FTSE 100 bounces back after mixed day of results

London’s top index managed to rebound from the worst of a tough day yesterday as the City’s natural resource giants led a collapse.

By the end of the day, a collapse in the share price of Fresnillo, Endeavour Mining, Glencore and others had more than offset what was a good day for retailers.

JD Sports, which set new profit guidance, ended the day up 6.6%, while B&Q owner Kingfisher, Sainsbury’s and B&M all saw strong showings.

The FTSE 100 ended at 7,233.34, a drop of 114.32 points, or 1.6%.

But by the end of trading in the City, the index had rebounded from its day lows, which briefly touched as low as 7,158 points, its lowest since March.

European stocks were also in the red, with the Dax in Germany dropping 0.6% while France’s Cac 40 lost 1%.

On Wall Street results were more mixed. The S&P 500 was up 0.1% and the Dow Jones down 0.4% shortly before markets in Europe shut for the day.

“After a tough few days of losses, stocks are managing to bounce, trimming losses. The Nasdaq has even managed a tentative move into positive territory, sticking its head above the parapet,” said Chris Beauchamp, chief market analyst at online trading platform IG.

“Investors will have been hoping for a bounce, and given oversold ratings across a host of markets, traders will have been expecting one.

“But given the damage done in recent weeks and the still-strong fears about a recession, it seems silly to expect things to return to the orderly gains that prevailed in 2021.”

Sterling fell 0.01% to buy 1.2227 dollars, while one pound would buy 1.1741 euros, down 0.02%.