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LONDON MARKETS: FTSE 100 Slips As Vodafone Drags Down Index

24/01/2019 2:21pm

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By Emily Horton

Financials provide support

London markets fell Thursday, with the main index dragged lower by a drop for heavyweight Vodafone Group PLC.

The index got no help from weakness in the pound, which can boost shares as many companies earn revenues in foreign currencies.

What are markets doing?

The U.K.'s FTSE 100 lost 0.3% to 6,822.64, after finishing down 0.85% on Wednesday. Losses in London stood out as most European indexes moved higher.

The British pound dropped to $1.3033 from $1.3068 late Wednesday in New York.

What's driving the market?

London markets ignored Wall Street's positive gains (http://www.marketwatch.com/story/futures-point-to-modest-stock-market-rebound-2019-01-23)on Wednesday. In Europe, investors were watching a press conference with ECB President Mario Draghi (http://www.marketwatch.com/story/all-eyes-on-mario-draghi-as-investors-look-for-ecb-to-acknowledge-risks-to-eurozone-economy-2019-01-23), after the central bank left key interest rates unchanged.

Earlier in the day, a stronger pound was weighing on the main index, but the direction reversed later. In Brexit news, the European aerospace giant Airbus SE (AIR.FR) has s (http://www.marketwatch.com/story/brexit-brief-airbus-boss-slams-uk-over-disgraceful-lack-of-clarity-for-business-2019-01-24)lammed the U.K.'s handling of Brexit negotiations (http://www.marketwatch.com/story/brexit-brief-airbus-boss-slams-uk-over-disgraceful-lack-of-clarity-for-business-2019-01-24) and suggested it could move business and jobs out of the country if no withdrawal deal can be agreed with Brussels.

What stock are active?

Telecommunications company Vodafone Group PLC(VOD.LN) fell by 2%, after its South African unit reported a slowdown in service revenue growth, Reuters reported (https://uk.reuters.com/article/vodacom-grp-outlook/south-africas-vodacom-reports-quarterly-slowdown-in-growth-idUKL8N1ZO0TG).

Wealth manager St. James' Place PLC (STJ.LN) rose 2% after the U.K. wealth manager reported tough market conditions (http://www.marketwatch.com/story/st-jamess-place-sees-weakness-toward-end-2018-2019-01-24) in the final two months of 2018.

Lloyds Banking Group PLC (LLOY.LN) (LLOY.LN) rose 0.8% and Prudential PLC (PRU.LN) added 0.9%.

 

(END) Dow Jones Newswires

January 24, 2019 09:06 ET (14:06 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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