FTSE 100 falls but stays above last week’s 7,000 landmark

Published On: April 20, 2021Categories: Stocks & Shares1.5 min read

The index of leading shares finished 19 points or 0.29 per cent lower, at 7,000, while the FTSE 250 ended 31 points, or 0.1 per cent lower, at 22,490

London’s FTSE 100 was dragged lower on Monday and ended the day’s trade in red, although it managed to stay above 7,000, a landmark it attained last week for the first time in over a year.

The index of leading shares finished 19 points or 0.29 per cent lower, at 7,000, while the domestically focused FTSE 250 ended 31 points, or 0.1 per cent lower, at 22,490.

The decline came amid a strong pound as the currency advanced 1 per cent over a weakening dollar to reach a one-month high, and 0.7 per cent against the euro, with £1 buying $1.4 and €1.16.

Shares of manufacturing company Melrose Industries took the biggest hit on the FTSE 100 after it decided to sell its air management unit. The company’s share value fell 4.61 per cent.

The UK market awaits some important data this week on the labour market, inflation, retail sales and flash PMIs.

Meanwhile, stocks at Wall Street slumped from record highs, as the three leading indexes finished broadly lower on Monday, dragged by technology shares. The S&P 500 dropped 0.5 per cent and the tech-heavy Nasdaq declined 1 per cent. Small-company stocks did worse than the rest of the market. The Dow Jones Industrial Average declined 0.4 per cent.

Leading the downturn on S&P 500 and Nasdaq Composite was Tesla, with the electric car company’s shares dropping as much as 6.5 per cent after the fatal car crash in Texas on Saturday, which left two people dead.

Asian stocks also faced some turbulence in the Tuesday morning trade as leading indexes remained lower except South Korea’s Kospi which saw an upward trend, and Chinese markets recovering after early hours.

Japan’s Nikkei led in losses as it traded with a low of over 500 points or 1.7 per cent around noon. Taiwan Index traded in red throughout the session at a low of 41 points, while Hang Seng also trades with a low of 23 points, after opening over 40 points down on Tuesday.

About the Author: Jonathan Adams

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