FTSE 100 watch: Resource stocks drag Footsie lower

Marks & Spencer shares in demand as investors cheer full-year update

FTSE 100 watch: Resource stocks drag Footsie lower

The UK benchmark index has fallen into the red in today’s session, pressured by a selloff in resource stocks following US President Donald Trump’s latest comments which are weighing on sentiment. In individual movers, Marks & Spencer Group (LON:MKS) has soared to the top of the FTSE 100 leaderboard after updating investors on its full-year performance.

FTSE 100 heads south

As of 12:12 BST, the blue-chip index had given up 53.52 points to stand 0.68 percent lower at 7,823.93. The Footsie has given up some of the previous sessions’ gains after President Trump told reporters he was ‘not satisfied’ with trade talks held with China and further cast doubts over his upcoming summit with North Korea’s leader Kim Jong Un.

Downbeat investors sentiment has hit resource stocks, with Anglo American (LON:AAL) leading the sector lower, having given up 4.97 percent to 1,830.60p.

Individual movers

In individual blue-chip movers, shares in Marks & Spencer have been in demand even as the retailer posted a heavy fall in profits. The company also updated investors on its transformation progress, noting that the first phase of its ongoing shake-up, dubbed ‘restoring the basics,’ was ‘well underway’.

Ameet Patel, senior analyst for Northern Trust Capital Markets, told Reuters that M&S’ results were solid, highlighting the confident tone in the company’s outlook commentary. The group’s shares are currently changing hands 5.28 percent higher at 307.20p.

Water utility Severn Trent (LON:SVT) has been another prominent Footsie riser as it posted a rise in full-year revenue and profit. Severn Trent’s share price is currently 1.41 percent better off at 2,089.00p.

The FTSE 100 index was 0.70 percent down at 7,822.54 points as of 12:44 BST on Wednesday, 23 May 2018.

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