DAVID MYRDDIN-EVANS
The FTSE 100 started the week with a small loss as investors focused on the Bank of England interest-rate decision.
With the market anticipating a 0.25% rise, the pound strengthened and that weighed on the blue-chip index, which takes over 70% of its earnings from overseas. The market closed down by 0.23% at 7,488.
In early trade on Tuesday shares were trading slightly higher, helped by strong results from BP which beat profit forecasts for the third quarter and announced a plan to buy back shares.
Friday saw the FTSE 100 add 0.3%. Catering giant Compass was up 2.4% on positive broker comment.
But British Airways owner IAG lost 6.9% on profit-taking following a 15% gain for the shares over the previous month. EasyJet was also off 3.2%.
GSK fell 3.4% on Thursday to an 18-month low, after a 5.5% drop on Wednesday, amid fears for its dividend.
Poor quarterly results from Barclays also sent the bank’s shares down 7.4% on Thursday. But RELX, the academic and legal publisher, gained 2.9% after a good set of quarterly results raised hopes for better cash returns next year.
BT hit a four-year low last Wednesday amid fears of a possible profit warning and dividend cut. Its shares fell 2.8% ahead of quarterly results tomorrow.
The FTSE 100 index also lost 1.1% on Wednesday as the pound strengthened following higher-than-expected UK growth data.
And shares in AA rose after it emerged that former chairman Bob Mackenzie has been asked to pay back more than £1.2m in bonuses.
Last Tuesday, Whitbread dropped 4.8% after announcing a profits fall at its Costa Coffee chain, while St James’ Place added 2% on well-received quarterly results.