FTSE 100 watch: Footsie steady despite drop in retailers

Miners lend support to index as M&S and Tesco drop

FTSE 100 watch: Footsie steady despite drop in retailers

The UK benchmark index has climbed into positive territory in today’s trading, finding support in a strong mining sector. Gains in the FTSE 100, however, remain capped, with retailers weighing on the index following disappointing results by Tesco (LON:TSCO) and Marks & Spencer (LON:MKS).

FTSE 100 steady

As of 12:28 GMT, Britain’s blue-chip index had added 13.76 points to stand 0.18 percent higher at 7,762.27. A rise in miners is helping keep the Footsie stay afloat, with London-listed resource stocks tracking metals prices higher. Anglo American (LON:AAL) is currently the sector’s biggest gainer, having added 2.98 percent to 1,750.60p.

“The FTSE 100 continues to create record highs, with the price trending consistently higher since the beginning of December,” Joshua Mahoney, market analyst at IG, commented in a note, adding that “for now we are seeing a clear uptrend in place, and thus a bullish view remains unless we see a break below 7,689”.

Retailers sold off

The rollercoaster week for retailers has continued in today’s session, with Marks & Spencer currently leading the sector lower after reporting declines in both food and clothing sales for the 13 weeks to December 30. The group’s shares are changing hands 6.14 percent in the red at 304.10p.

Tesco has been another prominent blue-chip faller, despite posting upbeat numbers for the third quarter of its financial year and record sales at home over the festive period. Investors, however, have instead focused on downbeat performance at the group’s general merchandise division.  Shares in Tesco have given up 4.44 percent to 202.50p so far in today’s session.

The FTSE 100 index was 0.12 percent down at 7,757.66 points as of 12:40 GMT on Thursday, January 11, 2018.

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