FTSE 100 struggles after rally as Burberry drags

UK's blue-chip FTSE 100 index edged lower on Thursday after a three-day run of gains, as luxury group Burberry tumbled after it said it would struggle to meet revenue targets. Burberry's shares slid 9.5% and were on track for their biggest one-day percentage loss since the height of pandemic-driven selloff in March 2020, after the company said it was being hit by a global slowdown in luxury spending.

UK's blue-chip FTSE 100 index edged lower on Thursday after a three-day run of gains, as luxury group Burberry tumbled after it said it would struggle to meet revenue targets.

Burberry's shares slid 9.5% and were on track for their biggest one-day percentage loss since the height of pandemic-driven selloff in March 2020, after the company said it was being hit by a global slowdown in luxury spending. The FTSE 100 slipped 0.1% by 0818 GMT. The index had scaled a near one-month high on Wednesday after easing inflation figures fuelled hopes that the Bank of England is done raising interest rates.

The midcap FTSE 250 index also dipped 0.1% after rallying to a two-month high a day earlier. Hotel Chocolat soared 164.4% to a one-and-a-half year high after the British specialist chocolatier agreed to a 534 million pound ($662 million) takeover offer from Mars Inc.

Meanwhile, shares of Shell, Hargreaves Lansdown and B&M European Value fell as they traded without entitlement for dividend.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)