LONDON MARKETS: London Markets Slip After Last Week's Surge; Reckitt Benckiser Adds Jumps 5%
February 18 2019 - 11:11AM
Dow Jones News
By Emily Horton
U.S. holiday keeps action quieter than normal
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 surged after posting results.
How are markets performing?
The FTSE 100 closed down 0.4% to 7,219.47, 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 $1.2927 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 over 5% 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 0.9% after one of its
biggest shareholders Tiger Global PLC reportedly sold its $1
billion stake in the U.K. 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," said Michael
Hewson, chief market analyst at CMC Markets U.K.
Results from other U.K. banks are also expected to land this
week, including Lloyds Banking Group (LLOY.LN) , which lost 0.2% on
Monday and HSBC Holdings PLC (HSBA.LN) (HSBA.LN) which dropped by
0.3%.
Meanwhile, Miners Fresnillo PLC (FRES.LN) gained 1% and
Antofagasta PLC (ANTO.LN) added 0.5%.
U.K.-listed chemical company Johnson Matthey PLC (JMAT.LN) rose
by 0.6%.
(END) Dow Jones Newswires
February 18, 2019 11:56 ET (16:56 GMT)
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