Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Energy, pharma stocks drag FTSE 100 lower; dismal service activity data

Published 03/09/2021, 08:24
Updated 03/09/2021, 17:06
© Reuters. FILE PHOTO: A man wearing a protective face mask walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in

© Reuters. FILE PHOTO: A man wearing a protective face mask walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in

By Devik Jain and Amal S

(Reuters) -London's FTSE 100 slipped on Friday weighed by weakness in energy and pharmaceutical stocks, while a weaker-than-expected U.S. job growth data in August further dented sentiment.

After rising as much as 0.6%, the blue-chip index reversed course to end 0.4% down. Oil majors BP (LON:BP), Royal Dutch Shell (LON:RDSa) were among the top drags. [O/R]

Global equities retreated from record highs after U.S jobs report showed a sharp slowdown in jobs growth last month sparking fears of slowing global growth.

"It's lower than estimates, but I did not think that the numbers were outside of the parameters of general expectations. It's generally a positive although not a huge positive for the economy and the markets," said Mark Grant, chief global strategist of fixed income at B. Riley Securities Inc.

Wider mining index gained 0.5%, tracking metal prices higher as investors sought the perceived safety of gold following dismal U.S. job data. [MET/L]

Britain's economic recovery from the COVID-19 pandemic lost more momentum last month than originally estimated as staff shortages and supply chain issues weighed on companies in the country's huge services sector, a survey showed.

Meanwhile, pharmaceuticals fell 0.8% amid Britain's vaccine advisers' decision of not recommending the universal vaccination of 12 to 15-year-olds against COVID-19.

The domestic focused mid-cap FTSE 250 index edged 0.1% lower, however marked its second straight week in gains.

Among other stocks, Ashmore Group fell 4.1% after the emerging markets-focused money manager reported a 12% dip in annual net revenue.

© Reuters. FILE PHOTO: A man wearing a protective face mask walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020. REUTERS/Toby Melville/File Photo

Discoverie Group's shares gained 21.6% after the electronic components manufacturer and supplier upsized its equity raise offering.

Sanne Group slipped 2.1% after London-based private equity firm Cinven said it would not make another buyout offer for the asset management services provider.

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.