FTSE 100 Closes Monday Down on Quiet Trade Dragged by Banks, Burberry Slips

The FTSE 100 index closed Monday down 0.4% at 7594 points, in line with European peers and mainly dragged by financial stocks and retailers in a volume-light day as U.S. markets were closed for Martin Luther King Day. "It seems that profit-taking continues to prevail among investors. Earnings season didn't get off to a great start on Friday, so there has been little incentive for traders to chase the market even in its current subdued state," IG chief market analyst Chris Beauchamp says in a note. Luxury goods retailer Burberry was the index worst performer, with shares further dropping 5.7% following Friday's guidance cut, when they slipped 5.5%, followed by online grocer Ocado, down 5.1% ahead of its trading update on Tuesday morning.

COMPANIES NEWS:

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PageGroup Gross Profit Fell on Tough Market Conditions

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Bakkavor Shareholder BP-PE5 Sells 20% Stake to LongRange

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IQGeo Group Shares Rise After Full-Year Earnings Exceed Expectations

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(END) Dow Jones Newswires

January 15, 2024 12:41 ET (17:41 GMT)

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