FTSE ends strong week in the red amid pandemic caution

Market report

A strong week for week for UK stocks came to a drab end as the FTSE 100 dropped into the red while City traders paused for breath.

The FTSE 250 edged to another record high meanwhile, as it was another day of records for a raft of global markets including the S&P500 in the US, amid broad optimism regarding the international economic recovery.

London’s top flight closed 26.47 points, or 0.38 per cent, lower at 6,915.75 on Friday.

Michael Hewson, chief market analyst at CMC Markets UK, said: “Its been a solid week for UK stock markets with the FTSE250 making new record highs, while the FTSE100 managed to move above its early year peaks that we saw in January.

“Today’s price action has seen a fairly low-key end to the week, characterised by some light profit taking ahead of the weekend, as the UK gears up for the reopening of non-essential retail stores, and pubs and restaurants outdoors next week.

“We’ve some modest weakness in travel and leisure stocks as it becomes apparent that a return to normal travel wise is likely to face significant barriers in the short-term.”

Elsewhere in Europe, it was also subdued as the other two major indices moved a touch higher despite third wave fears.

The German Dax increased by 0.21 per cent and the French Cac moved 0.06 per cent higher.

Across the Atlantic, the Dow Jones slipped slightlyatthestartofplayfollowingarisein10-yearbond yields in the US.

Meanwhile, sterling stabilised slightly after a week of significant decline, finishing the session a touch down against the dollar.

The pound decreased by 0.03 per cent versus the

US dollar to 1.373 and was up 0.15 per cent against the euro at 1.154.

Housebuilders were among the day’s best performers - with Taylor Wimpey, Barratt and Persimmon all closing higher - after the latest Halifax house price survey showed that annualised prices rose by 6.5 per cent in February with the stamp duty holiday set to keep prices up in the short-term.

The price of Brent crude oil decreased by 0.21 per cent to 63.07 dollars per barrel.

The biggest risers on the FTSE 100 were JD Sports, up 44.6p at 917p, Spirax-sarco, up 290p at 12,240p, Weir Group, up 39.5p at 1,854p, and Taylor Wimpey, up 3.5p at 190.05p.

The biggest fallers of the day were BAT, down 72.5p at 2,786p, BAE Systems, down 11.8p at 515p, IAG, down 4.4p at 210.15p, and Glencore, down 5.6p at 288.7p.