MARKET REPORT

THE London markets finished the week on the back foot as the FTSE 100 was hit by a downturn at and concerns about spread of coronavirus.

The FTSE 100 closed 32.72 points lower at 7,403.92 at the end of trading yesterday.

Education giant Pearson pressed down on the FTSE, as its shares slipped lower after it said its university course book business weighed on performance as students turned increasingly to digital alternatives.

The company warned investors that it faces a tough outlook for the upcoming year as it posted lower annual sales.

Michael Hewson, chief market analyst at CMC Markets UK, said: “For the last five years management have tried to turn around and restructure the business, with results that can only be described as a work in progress.”

Shares in Pearson closed 22.6 lower at 561.4p.

The value of the pound rose 0.62% versus the US dollar at 1.296 and was flat against the euro at 1.194.

In company news, Birmingham Bullring owner

saw shares dip after it sold the last of its retail parks for £455m, in its largest disposal in the last decade.

The business, which also owns half of Bicester Village, said it had exited sites from Falkirk in Scotland to Merthyr Tydfil in Wales and Didcot in England. Shares closed 3.7p lower at 222p.

Elsewhere, shares fell after it announced plans to increase the price of first class and second class stamps.

It said the price change, which will be implemented next month, is “necessary” to ensure the sustainability of its universal service. Shares were down 4.1p at 178.4p.

Model train firm saw shares rise after it tapped investors to raise £15m in its latest fundraising effort.

Shares were up 2.5p at 38.5p at the end of play.

The price of oil slipped lower on news of the spread of new coronavirus cases, bringing a recent rebound in price to an end.

The price of a barrel of Brent crude oil decreased 1.41% to 58.21 US dollars.

The biggest risers on the FTSE 100 were up 38.5p at

up and 453.55p. the 1,344p,

118p at 5,470p, up 12.6p at 669p, and up 1.38p at 79.38p.

The biggest fallers on the index were down 22.6p at 561.4p, down 19p at 645.6p, down 55p at 1,924p, down 12.65p at