FTSE 100 watch: Footsie down at the end of turbulent week

Equities

Johnson Matthey share price retreats after rival move

The FTSE 100 has lost ground in today’s session, retreating at the end of a volatile week marked by a heavy global equities selloff. Johnson Matthey (LON:JMAT) is underperforming the broader market following a move by rival Umicore to raise cash.

FTSE 100 retreats

As of 11:52 GMT, the Footsie had given up 51.46 points to stand 0.72 percent lower at 7,119.23. Today’s decline follows a renewed equities selloff in the US and Asia, fuelled by interest rate worries. MarketWatch quoted Marios Hadjikyriacos, investment analyst at XM, as saying in a note that the volatility in equity markets was “likely to remain at the forefront of attention for a while more, as investors try to gauge whether the correction is over or whether it still has more legs to run”.

The blue-chip index has also been pressured by the Bank of England’s policy statement yesterday when the central bank signalled that it would hike rates sooner and by more than it thought three months ago.

Chris Beauchamp, market analyst at IG, commented that the FTSE 100 was holding the 7,100-point level, “which at least is above Tuesday’s lows of 6,919”.

“At the moment, 7,195 and 7,260 come into play as upside targets, although we are likely to see plenty of volatility whichever way it goes,” the analyst pointed out.

Individual movers

Chemicals group Johnson Matthey is underperforming the broader market and Reuters notes that the shares have declined as rival Umicore raised €892 million to fund capacity growth. Johnson Matthey’s share price currently stands 4.34 percent in the red at 3,110.00p.

British Land (LON:BLND), which announced that it had acquired Woolwich Estate in south east London, meanwhile is outperforming the broader UK market, having added 0.35 percent to 634.40p.

The FTSE 100 was 0.73 percent down at 7,118.04 points as of 12:17 GMT on Friday, 09 February 2018.