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FTSE 100 dips as Burberry shares tumble, pound edges up

Published Nov 16, 2023 19:30
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LONDON - The UK's FTSE 100 Index closed lower today, with a notable decline in several major companies. Burberry Group (OTC:BURBY) PLC experienced a significant drop, with shares plummeting by 11.15%. Other notable declines included Ocado (LON:OCDO) Group PLC, which saw a 6.17% fall in its stock value, DS Smith PLC with a 4.21% decrease, Smurfit Kappa (LON:SKG) Group PLC down by 3.92%, and International Distribution Services PLC, which fell by 3.84%.

Despite the overall downturn, some companies managed to buck the trend. Halma (LON:HLMA) PLC stood out as the top performer within the index, registering a gain of 3.18%. National Grid (LON:NG) PLC and Pershing Square (NYSE:SQ) Holdings Ltd. also saw their shares climb, posting increases of 2.10% and 1.39%, respectively.

In the currency market, the pound sterling showed resilience amid the equity sell-off, managing to edge higher against major counterparts. It strengthened to $1.2420 against the US dollar and to €1.1447 against the euro.

The oil sector was not immune to the day's downward pressure, with Brent crude prices retreating by 4.4%. This decline in oil prices came alongside a fall in the yield on the UK's 10-year gilt, which dropped to 4.154%.

Other companies that found themselves on the positive side of the ledger included SSE (LON:SSE) PLC and RELX PLC, whose stocks rose by 1.14% and 0.96%, respectively.

Today's market movements reflect a mix of individual corporate performances and broader economic factors influencing investor sentiment across different sectors within the UK economy.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

FTSE 100 dips as Burberry shares tumble, pound edges up
 

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