FTSE 100 watch: Footsie dips as cyclical stocks weigh

FTSE 100 watch: Footsie dips as cyclical stocks weigh
Written by:
Alice Young
March 11, 2020

The UK benchmark index has fallen into the red in today’s session, pressured by a selloff in mining and banking stocks. In individual movers, Informa (LON:INF) has climbed to the top of the FTSE 100 leaderboard after agreeing to acquire UBM in a merger deal.

FTSE 100 heads south

As of 12:21 GMT, the Footsie had given up 49.10 points to stand 0.64 percent lower at 7,622.43. Cyclical stocks are pressuring the index which hit several record highs earlier this year. Barclays (LON:BARC) is leading blue-chip lenders lower, having lost 2.24 percent to 203.00p, while Anglo American (LON:AAL) is the mining sector’s biggest faller in percentage terms, having given up 2.36 percent to 1,714.60p.

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“We like this kind of pullback. It’s been on the cards for some time,” Ken Odeluga, market analyst at City Index, told Reuters, adding that with a good “return so far this month in the bag, it makes a lot of sense to take some money off the table”.

Individual FTSE 100 movers

Informa has been one of today’s most standout FTSE 100 risers after agreeing the takeover of rival UBM. The blue-chip events group further updated investors on its recent trading, noting it expects to report full-year results for 2017 in line with expectations, delivering growth in revenue, profit, cash flow and dividends. Informa’s shares are currently changing hands 1.69 percent higher at 699.00p, while UBM’s share price is 4.37 percent up at 907.50p.

Reckitt Benckiser (LON:RB) has been another prominent Footsie riser finding support in a weaker pound. Reckitt Benckiser’s share price is 1.11 percent higher at 6,862.00p.

The FTSE 100 index was 0.70 percent down at 7,617.80 points as of 12:47 GMT on Tuesday, 30 January 2018.