Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

FTSE falls as giddy investors take profits

FTSE falls as giddy investors take profits

The FTSE 100 fell for a second day as investors grew cautious about the extent of this month’s recovery.

The UK’s leading index fell 29 points or 0.4% to 6,801 after inconclusive overnight trading in the US and Asia Pacific provided no momentum for London.

There was reassurance on the economy, however, as the Office for National Statistics confirmed that UK gross domestic product (GDP) rose 0.7% in the fourth quarter of 2013. It did revise down its estimate for total economic growth in 2013 to 1.8% from 1.9%.

Weir (WEIR.L) led the FYSE, rising 5.9% to £24.91, after the pipe and valve manufacturer cheered investors by saying an increase in spending by oil and gas companies would offset the decline in its mining business. Full-year profits dropped 5% to £418 million but were slightly better than many analysts had expected following a profits alert in November.

ITV (ITV.L) was the biggest FTSE 100 faller, down 5% to 195.7p, after investors took profits in the commercial broadcaster which announced a 21% leap in profits to £620 million and promised a £161 million special dividend.

Tesco (TSCO.L) slid 3.8% to 322.3p as analysts downgraded their recommendations and target prices for the supermarket after yesterday’s briefing underscored the challenge it faces in the UK.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter