Footsie fails to bank gains in weak session

Market report Perry Gourley

The Footsie had a disappointing end to the week after failing to hold on to gains made during the day

At one point the index edged back above 7,200 to sit at a three-and-a-half-week peak before retreating to close at 7,183.64, down 15.86 points.

Connor Campbell at Spreadex said conciliatory comments by Donald Trump’s economic adviser Larry Kudlow over the trade dispute with China had generally taken the edge off losses seen on markets this week.

But he added: “Not that Kudlow has completely erased the losses suffered by the Dow and the dollar, with the index and currency both suffering with not only the continued tariff talk but a disappointing March non-farm jobs report.”

The headline figure came in at a disppointing 103,000 jobs added against the stellar 326,000 posted the previous previous month. On the London market, online retailer AO World said it expects to report a 14 per cent increase in full year sales, despite a tough market and fewer product promotions.

The firm said that revenues are set to come in at £796 million, slightly above the mid-point of market expectations. Shares rose by 15p to 129.8p.

Shares in Marks & Spencer came under pressure after analysts at Citi cut their rating on the retailer to “neutral” from “buy”, citing the impact of planned store closures on the retailer’s bottom line.

“The strategy is heading in the right direction but we need to see more evidence of delivery,” Citi said.

Shares closed down 5p at 269p.