Damp squib as FTSE falls on final day of July

THE final trading day of the month ended like the weather – damp and uninspiring – as investors looked for inspiration but found none.

Average results overnight from Amazon in the US failed to spark excitement on Europe’s markets and renewed Covid fears in Asia also affected the mood of London’s leading index.

The FTSE 100 closed down 46.12 points, or 0.65%, at 7,031.3.

The French Cac and German Dax also closed the day down – falling 0.12% and 0.42% respectively.

NatWest, unveiled operating profits before tax of £2.5 billion in the first six months of the year. Shares in NatWest closed down 2.5p at 202.4p on the day, although they had been rising for most of the week in anticipation.

Elsewhere, British Airways owner IAG posted an operating loss of 2.03 billion euros (£1.73 billion) for the half-year to June 30, representing a reduction from the 4.05 billion euro (£3.45 billion) loss it saw for the same period in 2020.

Bosses said they expect passenger levels to return to pre-pandemic levels by 2023, sending investors for the exits, with shares closing down 13.54p at 168.1p.

Publisher Pearson revealed a 7% rise in sales to £1.6 billion in the first six months of the financial year, as bosses started their turnaround plans. Pre-tax profit fell from £35 million to just £4 million but investors remain convinced over the company’s future direction, with shares closing up 25.6p at 869.4p.

Property portal Rightmove enjoyed the soaring housing market, with pre-tax profits going from £62 million to nearly £115 million in the first six months of this year. Shares closed up 22p at 702.2p.

The biggest risers on the FTSE 100 were Rightmove up 22p at 702.2p; Pearson up 25.6p at 869.4p; London Stock Exchange Group up 172p at 7,490p; Segro up 22.5p at 1,217.5p and Croda up 146p at 8,420p.

The biggest fallers were Intertek down 448p at 5,156p; IAG down 13.54p at 168.1p; Intermediate Capital Group down 83p at 2,170p; Weir down 62p at 1,728p and Informa down 16.8p at 495p.