FTSE 100 watch: Footsie extends slide as jobs report misses forecasts

on Mar 8, 2019
Updated: Mar 11, 2020

The UK benchmark index closed in the red in today’s session, with downbeat data out of China and a disappointing US jobs report exacerbating worries over the global economy. GVC Holdings (LON:GVC) meanwhile tumbled to the bottom of the FTSE 100 leaderboard after it emerged that its chief executive and chairman had both trimmed their holdings in the company.

FTSE 100 heads south

The FTSE 100 shed 53.74 points to close 0.74 percent lower at 7,104.31. Market sentiment around the world has been subdued as the European Central Bank (ECB) flagged further stimulus yesterday, fuelling growth concerns, while China’s export numbers for February disappointed investors this morning.

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“Several bouts of poor economic news from China and Germany cast a dark cloud over global markets,” AJ Bell’s Russ Mould commented, as quoted by Proactive Investors. The newswire further quoted Neil Wilson of Markets.com as commenting that the effect of “the ECB’s dovish tilt is still being felt in markets”.

The blue-chip index extended earlier losses after the US Bureau for Labour Statistics reported that the world’s biggest economy had added 20,000 new jobs last month, with the number severely undershooting expectations.

“Fragile employment data potentially signals stagnating growth, which could start to bleed further into other fundamentals like retail sales,” said Mike Loewengart, vice president of investment strategy for E*Trade Financial Corp, as quoted by Bloomberg.

Individual Footsie movers

In individual movers, GVC posted a hefty fall today after the company disclosed in a filing to the London Stock Exchange that both its chief executive officer Kenneth Alexander and Chairman Lee Feldman had sold shares in the company. GVC’s share price closed 13.96 percent lower at 588.50p.

Shares in GlaxoSmithKline (LON:GSK) meanwhile outperformed the market as the company’s majority-owned ViiV Healthcare unit posted upbeat data from two late-stage trials evaluating a two-drug HIV treatment. The blue-chip pharmco’s shares closed 0.20 percent higher at 1,512.40p.

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