UK markets close in 7 hours 9 minutes
  • FTSE 100

    6,966.30
    -157.38 (-2.21%)
     
  • FTSE 250

    22,225.94
    -471.25 (-2.08%)
     
  • AIM

    1,242.33
    -15.57 (-1.24%)
     
  • GBP/EUR

    1.1628
    -0.0002 (-0.02%)
     
  • GBP/USD

    1.4122
    +0.0000 (+0.00%)
     
  • BTC-GBP

    39,273.09
    -2,180.35 (-5.26%)
     
  • CMC Crypto 200

    1,473.12
    -88.18 (-5.65%)
     
  • S&P 500

    4,188.43
    -44.17 (-1.04%)
     
  • DOW

    34,742.82
    -34.98 (-0.10%)
     
  • CRUDE OIL

    64.19
    -0.73 (-1.12%)
     
  • GOLD FUTURES

    1,836.60
    -1.00 (-0.05%)
     
  • NIKKEI 225

    28,608.59
    -909.71 (-3.08%)
     
  • HANG SENG

    28,015.07
    -580.63 (-2.03%)
     
  • DAX

    15,099.22
    -301.19 (-1.96%)
     
  • CAC 40

    6,267.90
    -118.09 (-1.85%)
     

London stocks end the week lower despite strong economic data

  • Oops!
    Something went wrong.
    Please try again later.
Devik Jain and Medha Singh
·2-min read
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain
  • Oops!
    Something went wrong.
    Please try again later.

By Devik Jain and Medha Singh

(Reuters) -London's blue-chip stocks were little changed on Friday but finished the week lower as growing concerns over a surge in global coronavirus cases eclipsed optimism from recent data pointing to a rapid UK economic rebound.

The exporter-heavy index ended the session flat, with a fall in heavyweight energy shares and large dollar earning companies including Diageo, AstraZeneca and Reckitt Benckiser Group weighing on the index.

Sectors tied to economic outlook, including miners and banks and travel and leisure outperformed during the session.

Latest data showed a deluge of new orders swept through British businesses in April as the country lifted some COVID-19 restrictions.

The report comes on the heels of a survey showing consumer sentiment touching a 13-month high this month, and a report showing retail sales soared past expectations in March.

"Collectively this week's data – from PMIs to retail sales – suggests that the hit to first quarter GDP from the recent lockdowns has been milder than first thought, but also that we should be bracing for a strong, circa 5% bounce in economic activity during the second quarter," economists at ING wrote in a note.

The FTSE 100 has gained 7.4% so far this year on optimism that speedy COVID-19 vaccinations and constant policy support from the government would drive a stronger economic recovery.

However, it is set for its biggest weekly decline since the end of February as a recent spike in cases in parts of Asia has stoked fears of delayed global economic recovery.

The domestically focussed mid-cap FTSE 250 index posted its first weekly drop in five.

Transport operator FirstGroup's shares gained 4.4% after the company agreed to sell two North American bus businesses to EQT Infrastructure for $4.6 billion, including debt.

(Reporting by Devik Jain and Medha Singh in Bengaluru; editing by Uttaresh.V and Richard Chang)