LONDON MARKETS: London Markets Lose Ground From Last Week's Surge; Reckitt Benckiser Adds 4%
February 18 2019 - 5:21AM
Dow Jones News
By Emily Horton
U.S. holiday could affect volumes
London markets were down on Monday, losing some of the advances
made last week, with trading volumes potentially lower due to a
U.S. holiday.
Investor concerns remain over trade negotiation progress between
the U.S. and China. Meanwhile, consumer goods company Reckitt
Benckiser Group PLC added close to 4% after posting results.
How are markets performing?
The FTSE 100 slipped 0.4%, after finishing last week with a gain
of 2.3%--the largest three-week point and percentage gain since
July 15, 2016.
Meanwhile, the pound rose to $1.2911 from $1.2892 late in New
York on Friday.
What's driving the markets?
U.S.-China trade negotiations will continue in Washington this
week, fueling some hope that the two nations will soon reach a
deal. However, investors are still concerned about the progress
made on difficult issues such as Washington's dissatisfaction over
Chinese technology and trade policies.
U.S. markets will be closed on Monday for the President's Day
holiday.
Read: Everything you need to know about market closures on
Washington's Birthday
(http://www.marketwatch.com/story/everything-you-need-to-know-about-market-closures-on-washingtons-birthday-the-holiday-you-may-know-as-presidents-day-2019-02-15)
U.K. labor figures are scheduled to come out on Monday.
What shares were active?
Reckitt Benckiser Group PLC (RB.LN) jumped nearly 4% after the
consumer goods company announced a surge in annual revenue and
profit
(http://www.marketwatch.com/story/reckitt-benckiser-sales-top-view-forecast-upbeat-2019-02-18)
after "broad-based growth" across key brands.
In banking, Barclays PLC (BCS) lost 0.2% after one of its
biggest shareholders Tiger Global PLC sold down its $1bn stake in
the UK bank
(http://www.marketwatch.com/story/tiger-global-sells-entire-barclays-stake-ft-2019-02-18).
This can "hardly be described as a vote of confidence ahead of the
release of its full year results later this week", Michael Hewson,
chief market analyst at CMC Markets U.K. said.
Results from other U.K. banks are also expected to land this
week, including Lloyds Banking Group (LLOY.LN) , which lost 0.1% on
Monday and HSBC Holdings PLC which dropped by 0.3%.
Energy company Centrica PLC (CNA.LN) led the FTSE 100's top
losers, dropping by over 1%.
Meanwhile, Miners Fresnillo PLC (FRES.LN) gained 1% and
Antofagasta PLC (ANTO.LN) added 1%.
U.K.-listed chemical company Johnson Matthey PLC (JMAT.LN) rose
by 2%.
(END) Dow Jones Newswires
February 18, 2019 05:06 ET (10:06 GMT)
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