DAVID MYRDDIN-EVANS
Shares started the week on a downbeat note after the German election resulted in a hung parliament, meaning Angela Merkel will have to negotiate a deal with another party. The process is expected to further complicate the Brexit process. The FTSE100 closed down by 0.13% at 7,301.
In early trade on Tuesday shares fell again amid rising tensions between North Korea as its government said it considered American rhetoric a declaration of war.
The FTSE 100 was up 1.3% overall last week.
A weaker pound following Theresa May’s Brexit speech in Florence helped the blue-chip index to a 0.6% gain on Friday.
Astra Zeneca led the risers, up 3% after broker speculation on the potential for a bid for the pharmaceutical giant.
Johnson Matthey was also up 3% following Thursday’s news that it was investing £200m in a battery material for electric vehicles.
But disappointing revenue growth sent Smiths Group down 6%.
Thursday saw UK shares close slightly down.
On Wednesday, the FTSE 100 also slipped 0.1% as the pound strengthened on the back of strong retail sales figures.
Kingfisher, owner of B&Q, saw its shares rise after reporting betterthan-expected profits for the first half – though it is cautious about the second half of the year in its UK and French operations.
Marks & Spencer and Next were up, helped by the retail sales data.
Last Tuesday was a positive day as sterling weakened a little against the dollar.
But Ocado fell after its third-quarter update hinted at rising costs due to its new customer fulfilment centre.