July 21, 2024

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FTSE 100 Modestly Lower After Mixed Data

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U.K. stocks fell slightly on Friday after the release of a mixed set of economic data.

U.K. private sector growth eased to a seven-month low in June as a slowing of service sector growth offset a stronger performance in manufacturing.

The S&P Global Composite PMI decreased to 51.70 from 53 points in May as some companies put big decisions on hold until after July 4 election.

Meanwhile, U.K. retail sales rebounded in May as sales across all sectors recovered after poor weather damped turnover in April, official data revealed.

The retail sales volume grew 2.9 percent on a monthly basis, offsetting the 1.8 percent fall in April. The growth also exceeded economists’ forecast of 1.5 percent.

British consumer confidence rose slightly in June as consumers became more confident about general economic situation, monthly survey data from the market research group GfK showed.

The consumer sentiment index advanced to -14 in May from -17 in April.

The benchmark FTSE 100 dipped 28 points, or 0.3 percent, to 8,245 after adding 0.8 percent on Thursday.

In corporate news, Britvic shares soared 10 percent. The soft drinks producer has rejected a second acquisition proposal of 1,250 pence per share from Carlsberg Group A/S, a Danish brewer.

Publishing and exhibitions company Informa gained half a percent after reporting a strong operational performance for the five-month period and backing it annual guidance.

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2024-06-21 05:05:48

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