US tech rout takes toll on stock markets
Markets across Europe slumped into the red after a sell- off in US tech stocks drove a widespread decline in sentiment.
The London markets were slightly protected by stronger mining stocks but nevertheless finished lower as declining confidence in Silicon Valley firms continued.
The FTSE 100 closed 51.78 points lower at 5,799.08 at the end of trading.
David Madden, market analyst at CMC Markets UK, said: “Like Thursday, European equity markets have been pulled into the red by the tech- led declines in the US.
“Stocks were showing modest gains on the back of the US non- farm payrolls report, but the bearish moves in the US rocked confidence over here.”
A raft of major housing stocks dropped i nto t he red after t he UK competition regulator said it was investigating four of the sector’s largest firms over allegations of unfair practices in relation to leasehold agreements.
Barratt Developments, Countryside Properties, Persimmon Homes and Taylor Wimpey all saw their shares dive after the Competition and Markets Authority said it found evidence that they had mistreated home- buyers.
Elsewhere in company news, Ryanair shares bucked the wider negative trend after the budget airline secured fresh fundraising.
The Ireland- based company tapped investors to help position the firm to “move quickly” should opportunities in the sector be thrown up. It closed 0.41p higher at 12.075p as a result.
Property developer Berkeley slipped after it told investors production continues to be “impacted” by the need for modified working practices and increased supervision on its sites.
It said that disruption on sites has been “minimised” and construction levels are “now at around 90 per cent of normal”. Shares closed down 173p at 4,475p.
Shopping centre owner Capital & Regional moved higher despite saying losses widened in the first half of the year.
The company, which owns seven UK shopping centres, closed 1.4p higher 70p after it posted a £ 115.5 million pre- tax loss after its property valuations tumbled 16 per cent.