FTSE falls after significant rebound

The FTSE 100 slid into the red as a week characterised by a significant rebound in the wake of the coronavirus outbreak finished with a stumble.

The London top flight closed 38.09 lower at 7,466.7 at the end of trading yesterday.

The FTSE 100 was the worst hit of the major indices across Europe as it was also weakened by a rebound in the value of the pound.

Sterling increased against the euro as it benefited from a dire set of industrial production statistics from the Eurozone.

The value of the pound decreased 0.23% versus the US dollar at 1.289 and increased 0.08% against the euro at 1.094.

The European markets lost steam on a cautious trading day, having seen the Dax leap towards a record high on Thursday.

The German Dax decreased by 0.45% while the French Cac moved 0.14% lower.

Across the Atlantic, the Dow Jones edged lower alongside the S&P 500 as both markets shrugged off a widely positive jobs report.

The price of oil slipped into the red as Russia’s reluctance to cut output acted as a green light for the sellers. The price of a barrel of Brent crude oil fell 0.91% to 54.66 US dollars.

The biggest risers on the FTSE 100 were Smurtfit Kappa, up 92p at 2,938p, Standard Life Aberdeen, up 6p at 317.1p, Ferguson, up 126p at 7,440p, and Tui, up 12.8p at 863.6p. The biggest fallers were NMC health, down 200p at 700p, Heargreaves Lansdown, down 104p at 1,604.5p, Antofagasta, down 31.8p at 849p, and Carnival, down 96p at 3,114p.