Britain’s blue-chip index has fallen into the red in today’s session, with concerns over the US tax reform weighing on markets worldwide. In individual movers, Bunzl (LON:BNZL) has tumbled to the bottom of the FTSE 100 leaderboard following downbeat comments at Morgan Stanley.
As of 12:13 GMT, the Footsie had given up 42.32 points to stand 0.57 percent lower at 7,441.78. The FTSE 100 has declined alongside other European indices, among concerns that the tax reform in the US might be delayed. The UK index remains on track to post a decline of more than one percent for the week, marking its biggest weekly loss in two months.
Shares in Bunzl have been sold off after Morgan Stanley said that the retail distributor’s shares were not yet reflecting potential disruption from Amazon Business, the e-commerce giant’s business-to-business distribution venture.
“Amazon’s intention to target B2B distribution has resulted in a significant derating for Rexel, whilst Bunzl has been unaffected. However, the Bunzl offer appears more vulnerable to us,” the analysts pointed out, as quoted by Reuters. Bunzl’s share price is currently 5.89 percent down at 2,172.00p.
Burberry (LON:BRBY) has extended its losses from the previous session when shares in the retailer tumbled nearly 10 percent on the back of the company’s plans to shift further upmarket. Proactive Investors quoted Deutsche Bank as commenting today that it does not expect the group’s profits to grow for the next two years amid the corporate house-keeping. The broker, however, thinks earnings will accelerate thereafter. Burberry’s share price has lost 2.91 percent to 1,735.00p so far in today’s session.
The FTSE 100 was 0.53 percent down at 7,444.07 points as of 12:36 GMT on Friday, 10 November 2017.