Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

FTSE 100 slips as Croda, Burberry weigh

Published 24/04/2024, 08:34
© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo
UK100
-
RKT
-
RIO
-
ANTO
-
GLEN
-

By Pranav Kashyap, Sruthi Shankar and Khushi Singh

(Reuters) -Britain's FTSE 100 index ended lower on Wednesday, reversing earlier gains, as a downbeat update from chemicals group Croda and losses in luxury retailer Burberry weighed, though a jump in metals miners kept losses limited.

Earlier in the day, the blue-chip FTSE 100 index rose to an all-time high of 8,092.20 points, topping the previous session's peak of 8,076.52. However, by 1613 GMT, the index had slipped 0.1%, snapping its five-day winning streak.

The mid-cap FTSE 250 lost 0.4%.

Croda was the top decliner, falling 4.8% as first-quarter group sales fell 10% and the chemicals group reiterated a lower profit outlook for the year.

The broader chemicals index shed 2.9%, leading sectoral declines.

The personal goods index followed with a 2.4% drop, led by a 2.6% sell-off in Burberry shares after French luxury goods company Kering (LON:0IIH) flagged a plunge in first-half operating profit.

Industrial metals miners and precious metals miners added 2.2% and 1.7% respectively, however - the top performing sectors - tracking an uptick in metals prices. [MET/L] [GOL/]

Shares of mining giants such as Rio Tinto (LON:RIO), Anglo American (JO:AGLJ) and Glencore (LON:GLEN) rose between 1.2% and 4.5%.

© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo

Reckitt Benckiser (LON:RKT) added 2.9% after its quarterly like-for-like sales growth beat estimates and the consumer goods group said it was on track to meet full-year revenue and profit targets.

"Reckitt is hoping that with inflation cooling, strong wage growth and the UK emerging from last year's recession, price sensitivity among consumers will fall and shoppers can go back to picking Reckitt's premium brands over cheaper own-brand supermarket substitutes," said Victoria Scholar, head of investment at Interactive Investor, in a note.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.