The UK benchmark index has been little changed this Friday, staying on track for a loss for the week, with geopolitical worries continuing to weigh on sentiment. In individual FTSE 100 movers, Kingfisher (LON:KGF) has extended the previous session’s losses, pressured by broker comments in the wake of the DIY retailer’s results.
FTSE 100 inches lower
As of 12:33 BST, the Footsie had given up 14.48 points to stand 0.19 percent higher at 7,541.90. Sentiment has been subdued in the wake of the Turkish lira rout and worries over the trade relations between the US and China. The blue-chip index is on track to post more than a one-percent loss for the week.
“Risk appetite looks weak at present, so markets may remain in a small trading range until there are clear catalysts to lift investor confidence,” Russ Mould, investment director at AJ Bell, said, as quoted by Reuters.
Kingfisher extends losses
Kingfisher has extended the previous session’s losses as Deutsche Bank cut its price target from 315p to 305p. Proactive Investors quoted the analysts as saying that despite sales in the second quarter being ‘a touch ahead’ of expectations, […] the recovery “only just compensated for the decline in the early Spring months and for the first half [Kingfisher’s] total sales declined”.
The newswire also quoted UBS as arguing that “the issues at Brico, and an ex-weather trend rate at B&Q of -3%, plus Brexit risks, suggest that ‘business as usual’ profits are still going backwards, offsetting the planned gains from ONE Kingfisher”. The DIY retailer’s shares are currently changing hands 1.60 percent lower at 270.10p.
The FTSE 100 index was 0.25 percent down at 7,537.18 points as of 12:52 BST on Friday, 17 August 2018.