Concerns on economy hold Footsie back
Concern over Britain’s economic prospects weighed on the FTSE 100, which trailed behind European peers as Germany edged closer to forging a government and was bolstered by business confidence data.
The blue-chip index ended the day lower by both 7.6 points at 7,409.64 points, while the French Cac 40 and German Dax both rose.
The FTSE 100 managed to stay above the 7,400 point mark by the “skin of its teeth” said Connor Campbell, a financial analyst at Spreadex. “Losses in the oil, housebuilding and pharmaceutical sectors appear to be hampering the FTSE, as well as the general feeling that the UK economy is looking pretty damn ropy at the moment,” he added.
Housebuilders were at the bottom of the FTSE 100, with Persimmon down 95p to 2,556p, Barratt Developments down 20.5p at 600.5p and Taylor Wimpey ending the day down 4.7p at 192.2p.
William Hill shares fell 1.7p to 282.1p after confirming that talks were under way over a possible tie-up between rival Crownbet and its Australian business.
The FTSE 250 group has held “very preliminary discussions” with Crownbet, which is 62 per cent owned by Australian gaming and entertainment group Crown Resorts.
Provident Financial fell 21p to 888p amid news that its 53-year-old chairman Manjit Wolstenholme passed away suddenly on Thursday. Wolstenholme joined the board in 2007, and was elevated to the executive chairman position in August after chief executive Peter Crook quit in the face of heavy losses.