The FTSE 100 closed down slightly, failing to maintain post-Covid highs from Friday (Ian West/PA)
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The London Stock Exchange’s leading index dropped off from its post-pandemic highs reached on Friday but managed to remain above the psychologically important 7000-point barrier.
The FTSE 100 closed the day down 19.45 points at 7000.08 having crossed the threshold on Friday for the first time since the pandemic hit, wiping off 10% of the index’s value.
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The index of UK blue-chips advanced just 13 points higher to 7,032.81 The FTSE 100 faced the same quandary as Harry Maguire nearing the 18-yard box
A little like Harry Maguire bombing with the ball towards the opposition’s 18-yard box, the FTSE 100 found itself in nose-bleed territory.
The instinct among London’s trading fraternity was to stop and look for support – much as the Man U defender might.
The portents look reasonably positive. Asia’s main markets made a buoyant start to the week, while US stock futures were pointing upwards.
FTSE 100 ends lower as sterling gains more than a cent against the greenback
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Sterling is closing in on the US$1.40 level last seen in February
FTSE 100 down 19 points
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5.15pm: Markets slide on both sides of the pond
The FTSE 100 retreated 19 points Monday, a 0.3% loss, to 7,000, while the FTSE 250 lost 31 points, 0.1%, to 22,491. A quieter start to the week has seen stock markets drift back on a lack of news, with only the goings-on in European football providing some interest (for those keen on the game anyway), IG Chief Market Analyst Chris Beauchamp.
Sainsbury s shares closed up The London Stock Exchange’s leading index dropped off from its post-pandemic highs reached on Friday but managed to remain above the psychologically important 7000-point barrier. The FTSE 100 closed the day down 19.45 points at 7000.08 having crossed the threshold on Friday for the first time since the pandemic hit, wiping off 10% of the index’s value. An easing of lockdown restrictions helped matters, retailers enjoyed the best of the spoils. Shares in Sainsbury’s, Tesco Ocado, B&M, Kingfisher and Primark owner Associated British Foods were all in the top 10 risers. A strong pound played its part in knocking back the index, with sterling reaping the benefits of currency traders in the US selling off the US dollar over inflation fears.
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