FTSE 100 Dropped Friday Amid Ukraine Concerns

0
134
FTSE 100 Dropped Friday Amid Ukraine Concerns

FTSE 100 Dropped Friday Amid Ukraine Concerns

The key stocks index in the UK finished lower at the close on Friday as reignited tension between Russia and Ukraine led traders to take advantage of their weekly gains.

The FTSE 100 was 29.91 points or 0.4% lower when market closed, standing at 6,791.55 points and retreating from the gains it made in the week, after Russia said Ukraine had fired into its territory.

US shares plunged, partly because e-commerce platform Amazon posted poor earnings and the number one credit and debit card company in the world, Visa, announced a lower full-year revenue estimate.

Investors were keen to sell out before the weekend as they weighed geopolitical possibilities.

Mark Priest of ETX Capital was quoted by Reuters as saying, “There’s uncertainty out there in Ukraine and the market had a bit of an exit move.”

British Sky Broadcasting Group Plc suffered the biggest loss on the FTSE 100, plunging 5.5%, after it sold shares representing as much as 10% of the firm’s capital to finance part of its purchase of Sky Deutschland and Sky Italia.

Nevertheless, RBS stock advanced 10.8%, the lender’s biggest surge in four years after its second-quarter pretax profit topped expectations, a result it credited to an economic rebound that allowed it to write back bad credit.

**relatedarticle**

Banks with emphasis on the UK Barclays and Lloyds Group, which will be announcing quarterly results in the coming week, added more than 1%.

The confidence in the UK economy drew support of figures showing second-quarter economic production finally topped levels posted before the economic distress that struck six years ago.

Pearson Plc ascended 2.8% to 1,132 pence after the publisher of the Financial Times restated its full-year projections, Bloomberg reported. First-half sales for the company slid 6.5% to match analysts’ estimates.

Royal Bank of Scotland Group Plc advanced the most since May 2010.

To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com