FTSE 100 watch: Footsie dips as corporate updates dominate agenda

FTSE 100 watch: Footsie dips as corporate updates dominate agenda
Written by:
Alice Young
March 11, 2020

The UK benchmark index has fallen into the red in today’s session, with investors focusing on a string of corporate news. Informa (LON:INF) has been one of today’s biggest blue-chip fallers after the company proposed a combination with events organiser UBM.

FTSE 100 subdued

As of 12:44 GMT, the Footsie had given up 15.05 points to stand 0.19 percent lower at 7,740.88. The blue-chip index has extended yesterday’s losses amid downbeat leads from the US and Asia and with investors digesting several company updates.

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“Initial resistance is possible around 7,796, the high from the beginning of the week,” Chris Beauchamp, market analyst at IG, commented in a note. “Below 7,705, the price may well head towards 7,600.” 

Individual movers

Informa’s shares have been sold off after the company proposed a tie-up with UBM to create a B2B Information Services Group. Informa’s share price is currently 7.68 percent worse off at 690.00p.

Burberry (LON:BRBY) has been another prominent Footsie faller unveiling a drop in sales for the third quarter of its financial year amid weak performance on both sides of the Atlantic.

“Following better than expected sales for the December quarter from Richemont and Hugo Boss, Burberry’s retail performance in Q3 may be seen as a bit disappointing,” said RBC Europe analyst Rogerio Fujimori, as quoted by Reuters. Burberry’s shares are changing hands 7.65 percent lower at 1,648.50p.

Pearson (LON:PSON) is also among today’s biggest fallers despite flagging full-year profits at the top end of its guidance, with investors instead focusing on the group’s continued weak performance in the US. Pearson’s shares are 5.18 percent worse off at 681.20p.

The FTSE 100 was 0.15 percent down at 7,744.53 points as of 13:01 GMT on Wednesday, 17 January 2018.