FTSE 100 watch: Footsie heads south as investors eye G7 summit

Standard Life Aberdeen shares sold off as Lloyds offloads stake

FTSE 100 watch: Footsie heads south as investors eye G7 summit

The UK benchmark index has fallen into the red in today’s session, pressured by investor jitters ahead of the G7 summit due to kick off this Friday. Standard Life Aberdeen (LON:SLA) meanwhile is underperforming the broader market after Lloyds Banking Group (LON:LLOY) offloaded its holding in the FTSE 100 asset manager.

Blue-chip index heads south

As of 12:33 BST, the Footsie had given up 13.68 points to stand 0.18 percent lower at 7.690.72. Sentiment has been subdued in today’s trading after the European Central Bank signalled it could move to end its loose monetary policy sooner than expected, and with investors eyeing the G7 meeting.

“Events going on that people point to, such as the G7 meeting, are all idiosyncratic things that have their impact, but I think often what you see is a broader story underneath that is affecting everything and is probably exacerbating those situations,” said Clark Fenton, chief investment officer at Agilis Investment Management, as quoted by Reuters. “I think it comes back to quantitative tightening.”

Individual FTSE 100 movers

Standard Life Aberdeen has been one of today’s most notable Footsie fallers after Lloyds sold its remaining stake in the blue-chip asset manager, representing 3.3 percent of the group’s issued ordinary share capital. SLA’s shares are currently changing hands 3.51 percent in the red at 351.23p.

BT Group (LON:BT.A) is outperforming the broader market, having jumped 1.01 percent to 205.00p, with investors welcoming news that the former telecoms monopoly’s chief executive Gavin Patterson will step down this year. The news of his departure follows backlash from investors over the telco’s latest results and strategy update.

The FTSE 100 was 0.12 percent down at 7,695.18 points as of 12:37 BST on Friday, 08 June 2018.

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