London stocks finish mixed amid Covid worries

by Jonathan Adams
London stocks

The FTSE 100 dropped 0.08% at 5,577.27, while the FTSE 250 gained 0.21% to 17,214.38

London stocks closed in a mixed state on Friday, after results from US technology giants failed to impress and as worries about the impact of Covid-19 lockdowns continued to weigh on investors’ minds.

The FTSE 100 ended the session down 0.08% at 5,577.27, while the FTSE 250 managed gains of 0.21% to 17,214.38.

Sterling was struggling for direction as well, unchanged against the dollar at $1.2930, and strengthening 0.23% on the euro to €1.1104.

The latest survey from Nationwide showed that annual house price growth hit a five-year high in October but activity looks set to slow.

Annual house price growth came in at 5.8%, up from 5.0% in September and reaching its highest level since January 2015, with the stamp duty cut lending a hand.

On the month, house prices rose 0.8% in October, down from 0.9% growth the month before.

In equity markets, Glencore reversed earlier losses to close 0.26% stronger after it posted a drop in year-to-date production for most of its commodities and cut its full-year production guidance for coal.

Taxpayer-owned bank NatWest was 6.02% firmer after it reported better-than-expected third-quarter profits and made lower bad debt provisions relating to the coronavirus pandemic.

The bank posted a £355m pre-tax profit for the three months to 30 September, compared to estimates of £75m, while bad loan provisions came in at £254m, compared to the £628m forecast.

Royal Dutch Shell was boosted 3.42% by an upgrade to ‘equal weight’ at Barclays.

Pan-African fuel retailer and distributor Vivo Energy rallied 5.44% after saying it will pay its previously-withdraw 2019 dividend as it reported an improvement in third-quarter volumes amid an easing of coronavirus restrictions.

This article is for information purposes only.
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