The UK benchmark index has slipped marginally into the red in today’s session, following the European Central Bank’s (ECB) rate decision. In individual movers, WPP (LON:WPP) has posted a hefty fall following its quarterly update.
FTSE 100 inches higher
As of 13:00 BST, the Footsie had given up 8.83 points to stand 0.13 percent lower at 6,954.15. The index has slipped marginally into the red as the ECB left rates unchanged and reiterated its plan to end monetary easing by the end of the current year.
The blue-chip index was trading in positive territory earlier in the session, despite downbeat leads from the US and Asia.
“Somewhat contrary to expectations, a strange calm has descended across European markets, belying the volatility of the US and Asian sessions,” IG’s chief market analyst, Chris Beauchamp, commented, as quoted by WebFG News. “The problem is that most of the selling of late has taken place in the US, and until American investors have decided to stop selling and start buying, European markets will remain under pressure.”
In individual stock news, WPP has given up 16.48 percent to 882.00p, after trimming its full-year outlook to reflect the slowdown seen in the third quarter.
“North America looks to be the main culprit [...] but what is more concerning is that the language suggests significant client losses in Media, which is the highest margin business, in both the UK and North America,” Liberum analyst Ian Whittaker wrote in a note, as quoted by Reuters.
BT Group (LON:BT.A) has been another notable blue-chip faller, trading 4.24 percent to 239.60p, with news that the telco has appointed a new chief executive failing to cheer investors.
Lloyds Banking Group (LON:LLOY) meanwhile has added 1.57 percent to 57.55p as it reported forecast-beating third-quarter profits.
The FTSE 100 was 0.02 percent down at 6,956.13 points as of 13:02 BST on Thursday, 25 October 2018.