FTSE 100 pares early gains, set for second straight weekly loss
London's FTSE 100 traded flat on Friday as a surge in COVID-19 cases offset support from a tech-driven rally on Wall Street, but the blue-chip index was set to record its second straight weekly drop on fading hopes of an economic recovery.
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London's FTSE 100 traded flat on Friday as a surge in COVID-19 cases offset support from a tech-driven rally on Wall Street, but the blue-chip index was set to record its second straight weekly drop on fading hopes of an economic recovery. The FTSE 100 index was down 0.07%. For the week so far, it has shed 2.9%, with stocks of auto makers, travel and insurers being the biggest laggards on surging infections and new movement curbs.
The mid-cap index was up 0.3% on Friday. The general retailers index was the only sector posting a weekly gain as retail sales picked up and the consumer confidence index in September rose to its highest level since March, a survey showed.
"The possibility of more severe measures to be adopted in the UK if cases spiral out is keeping sentiment towards UK equities largely risk averse," said Keith Temperton, a sales trader at Forte Securities. Gains on the blue-chip recorded in the previous month have begun to peter out as rising infections and an economic uncertainty overshadowed support from past stimulus measures.
British car production fell nearly by a half in August as the sector continued to suffer due to the COVID-19 pandemic-led impact on demand, an industry body said. Vodafone Group Plc rose 1.3% on reports that the telephone operator has started talks to buy Spanish rival MasMovil with the three buyout funds who recently took it over.
A broader weakness in healthcare stocks sent AstraZeneca's shares marginally lower while European governments said they will pay claims above an agreed limit against the drugmaker's over side-effects from its potential COVID-19 vaccine.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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