Footsie dips as oil prices stage retreat

The FTSE 100 fell back from all-time highs as investors cashed in on a strong week for European stocks.

London’s blue-chip index closed lower by 9.18 points to end the day at 7,778.79 points, having failed to push past Thursday’s record of 7,787.97 which was sparked by a rise in global oil prices.

David Madden, a market analyst at CMC Markets, said: “Profit-taking has set in after a strong run this week, with investors keen to lock in some gains ahead of the weekend.

“However, the positive trend in European equity markets in recent weeks has been restored, and the bullish sentiment could be set to continue next week.”

In currency markets, sterling was struggling to gain traction amid a lack of UK economic news. In oil markets, Brent crude prices slid 0.7 per cent to around $78.89 a barrel, losing some of the gains made earlier this week which took it to 42-month highs.

Astrazeneca shares were among the worst performers on the FTSE 100, after falling 104p at 5,241p . Investors were reacting to an earnings update which showed the pharmaceutical giant’s first-quarter profits slumped having been hit by falling margins, administrative costs and increasing competition.

J Sainsbury shares dropped 1.9p to 305.5p as the CMA moved one step closer to opening a full-blown investigation into Sainsbury’s £12 billion merger with Asda. Mothercare shares surged 5.5p to 32p as investors cheered news that Mark Newton-jones has been reinstated as chief executive at the babycare retailer – he had been ousted in April.