FTSE buffeted by worldwide profit- taking

Market report Emma Newlands

A round of profit- taking took the shine off glo - bal stocks, sending the FTSE 100 into the red.

London’s blue- chip index ended the day down 40.51 points at 7,502.69, but fared better than its continental peers.

David Madden, a market analyst at CMC Markets UK, said European equit y markets were l ower due t o “weakened” gl obal s ent i ment encouraging profit- taking.

The Dow Jones Industrial Average was down by more than 1 per cent in early trading but finished the day narrowly ahead. In currency markets, the pound was also taking a hit, down 0.1 per cent against the US dollar at $ 1.356 and falling 0.2 per cent versus the euro to € 1.133. Investors were digesting services sector data pointing to a “modest” rebound in activity in April.

J Sainsbury shares dropped 3p to 302p after chairmen of the business and environment committees wrote to the competition watchdog over the supermarket’s £ 12 billion merger with Asda amid concerns that the deal will cre - ate “local monopolies” in the UK.

Esure rose 2.2p to 226p, as investors focused on news that the insurer remained on track to deliver profitable growth when adjusting for weather- related costs.

Trinity Mirror fell 1p to 85.5p despite saying it was confident that its £ 126.7 million deal to buy the Daily Express and Daily Star did not pose any competition or media plurality issues.

The biggest risers on the FTSE 100 included Evraz, up 14p at 490p, and TUI, up 24.5p at 1,723p. The biggest fallers included Mondi, down 141.5p at 1,894.5p, and BT Group, down 10.10p at 232.15p. The embattled retailer was a notable riser despite the woes affecting the sector and in the wake of rival House of Fraser’s overhaul plans. Artificial hip and knee maker Smith & Nephew has warned over its full- year sales outlook after seeing a “mixed performance” in the first quarter.