LONDON MARKETS: FTSE 100 Bounces Back With Help From Oil And Bank Stocks
November 21 2018 - 7:59AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Emily Horton
Johnson Matthey, Kingfisher among the big movers
London stocks rebounded along with global equities on Wednesday,
with banks and major oil companies leading the gains, but a big
retail name remained under pressure.
How are the markets performing?
The FTSE 100 rose nearly 1% to 7,016.69, after closing down 0.4%
on Tuesday.
The British pound was last trading at $1.2804, up from $1.2789
late Tuesday in New York.
What drove stocks?
Doubts about the chip sector have driven a brutal selloff in
U.S. tech stocks, with The Nasdaq Composite Index falling 1.7% on
Tuesday. The tech-heavy index has dropped 1,000 points since the
third quarter began, and it is down more than 10% in the past three
months.
As of Tuesday's close, all the s-called FAANG stocks were in a
bear market, leaving Microsoft Corp. (MSFT) as the only megacap
U.S. tech company less than 20% off its peak. But stock futures
pointed to gains for U.S. stocks a day ahead of the Thanksgiving
Day holiday.
Read:Which markets are closed on Thanksgiving?
(http://www.marketwatch.com/story/which-markets-are-closed-on-thanksgiving-2018-11-20)
What stocks were active?
As oil prices recovered part of Tuesday's 7% plunge, major
producers added to gains, helping the broader index move higher.
Among them, BP PLC (BP.LN) (BP.LN)(BP.LN) rose 1.5% and Royal Dutch
Shell Group PLC (RDSA.LN) (RDSA.LN)(RDSA.LN) gained 1.6%.
Also helping out were big bank names, with HSBC Holdings PLC
(HSBA.LN) (HSBA.LN) up 2.2% and Lloyds Banking Group PLC (LLOY.LN)
(LLOY.LN) gaining 1%.
Among the decliners, retailer Kingfisher PLC (KGF.LN) dropped
over 2% after reporting a fall in same-store sales
(http://www.marketwatch.com/story/kingfisher-to-return-extra-65-million-in-buybacks-2018-11-21).
Specialty chemical company Johnson Matthey PLC (JMAT.LN) surged
nearly 10% after posting a 19% rise in profit
(http://www.marketwatch.com/story/johnson-matthey-profit-up-sees-growth-on-target-2018-11-21)
and making upbeat comments on guidance.
(END) Dow Jones Newswires
November 21, 2018 08:44 ET (13:44 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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