THE FTSE 100 failed to hold on to its early gains yesterday, sliding back into the red.
The index was down 11.02 points, or 0.16%, at 6,995.91.
Top-flight stocks had moved back into positive territory earlier in the day as global stock markets tentatively recovered from a widespread sell-off. Neil Wilson, of Markets.com, had warned earlier yesterday that sentiment was still “fragile” and markets could be in for a “dead cat bounce” – a short-lived recovery after a substantial fall.
Investors have been heading for the exit on concerns over rising US bond yields, with America’s massive borrowing looking vulnerable given the costs of servicing the debt. Markets have also been jittery over trade tensions between the US and China.
Patisserie Holdings shares are still suspended but the firm has put forward a rescue plan which will involve chairman Luke Johnson stumping up loans of as much as £20m. The firm also hopes to raise £15m by issuing new shares.
Sports Direct shares were trading 1.58% higher after the firm announced it had bought the freehold of the Frasers store in Glasgow for £95m.
In currency markets, the pound was lower by 0.5% against the dollar at 1.316 and dropped 0.28% versus the euro to 1.380. Hopes that the UK and EU could announce a Brexit deal imminently lifted sterling earlier in the week, but concerns had begun to reemerge by yesterday.
The biggest risers on the FTSE 100 were Scottish Mortgage Investment Trust, up
26.6p to 481p, Barratt Developments up 26p to 513.8p, Fresnillo up 37.4p to 876.4p, and Ocado Group up 33.8p to 813.2p.
The biggest fallers were Imperial Brands, down
161.5p to 2,516.5p, British American Tobacco down 133p to 3,272p, United Utilities Group down 17p to 687.4p, and Hargreaves Lansdown down 44p to 1,806.5p.