FTSE 100 watch: Footsie remains on track for worst week since November

Reckitt Benckiser share price tumbles after group’s results

FTSE 100 watch: Footsie remains on track for worst week since November

The UK benchmark index has been little changed today, staying on track to post its worst week since November, amid geopolitical worries and after Prime Minister Theresa May called for a snap election in June. In individual movers, Reckitt Benckiser (LON:RB) has fallen to the bottom of the blue-chip leaderboard after updating investors on its performance.

As of 12:05 BST, the FTSE 100 index had added 3.87 points to stand 0.05 percent higher at 7,122.41, staying on track for more than a three-percent loss this week. Investor sentiment has been subdued this week amid tensions between the US and North Korea, the upcoming presidential election in France, as well as this week’s news for a snap election at home which has boosted the pound.

“The FTSE has obviously had a terrible week – although corporate earnings have been somewhat of a mixed bag, the snap election, while providing medium term stability for Brexit negotiations, has created some short term market uncertainty,” said Mark Ward, head of execution trading at Sanlam Securities, as quoted by Reuters.

Eric Moore, head of Miton’s UK Income fund, told the newswire that while people have been reaching for the UK domestic stocks, “there’s reasons to be quite cautious there still”.

In individual stock news, shares in Reckitt Benckiser have been sold off after the company updated investors on its first-quarter performance, noting that macro conditions remained challenging. Liberum Capital, however, remains bullish on the group, having reiterated its ‘buy’ rating on the stock today with a price target of 7,650p. Reckitt Benckiser’s share price is currently 1.75 percent worse off at 7,148.00p.

The FTSE 100 index was 0.05 percent up at 7,121.95 points as of 12:28 BST on Friday, 21 April 2017.

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