FTSE 100 watch: Index poised for weekly decline

on May 23, 2014
Updated: Apr 9, 2020

iNVEZZ.com, Friday, May 23: The FTSE 100 index is heading towards finishing the week with a loss, in cautious trading amid the start of the elections for the European parliament. In the UK, local elections were also held yesterday, with the anti-EU UKIP party posting big gains after successfully capitalising on voter’s discontent with immigration and established politicians. UKIP’s gains are a strong indication that the party has also done well in the European elections, which were held on the same day as the local vote.

The elections for the European parliament continue through the weekend in other countries with traders, who want the current status quo to be maintained, worried by the growing strength of anti-EU parties.
Weaker than expected German business confidence figures for May also dampened investor sentiment. In today’s trading, the FTSE 100 Index declined 0.16 percent to 6,809.80 points, as of 14:45 BST.

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**Risers and fallers**
Several FTSE 100 companies posted significant losses today, dragging the index down. Engineering company Smiths Group Plc (LON:SMIN) issued a profit warning today due to a weak performance at its detection business (Smiths Group share price: Company warns of profit hit at detection unit). The company said that it expects profit at the unit to be £25 million lower than its earlier forecasts. The profit hit includes £12 million related to a review of working capital requirements, £9 million from lower volumes and £4 million from added costs on some contracts.

SABMiller Plc (LON:SAB), Burberry group Plc (LON:BRBY) and United Utilities Group Plc (LON:UU) have been amongst the other notable fallers today.
However, investors were pleasantly surprised by the Financial Conduct Authority’s announcement of the size of the fine imposed on Barclays Plc (LON:BARC) over gold manipulation (Barclays share price: Bank fined £26m for gold price fix failures). The FCA said that the bank had been fined £26 million, which is considerably less than the penalty the lender could have faced. Barclays’ share price has risen 2.80p to 246.30p.
Vedanta Resources Plc (LON:VED), Mondi Plc (LON:MNDI) and the London Stock Exchange Group Plc (LON:LSE) have been amongst the biggest risers in today’s trading.
**As of 15:01 BST, the FTSE 100 was down 0.12 percent at 6,812.30 points**


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