Home Business News FTSE 100 slides to a six-week low

FTSE 100 slides to a six-week low


The UK market has ended the week at its lowest level for six weeks as retail shares continued to lose ground.By the end of the day, the benchmark FTSE 100 share index had lost 51.11 points at 7,432,99.Retail distribution group Bunzl was the biggest faller in the index, down more than 6%, after Morgan Stanley flagged up the risk to the company from Amazon’s business-to-business venture.Burberry shares fell again, dropping nearly 3%.On Thursday, shares in the luxury fashion group had sunk 10% after it unveiled plans to move further upmarket.Marks and Spencer fell 1.9% and Primark owner AB Foods lost 1.5% as investors digested a week of downbeat retail news.In the FTSE 250, Ultra Electronics fell more than 11% after the defence firm said a decision on its purchase of US firm Sparton was set to be delayed.Ultra Electronics announced in July it would buy Sparton, which makes anti-submarine devices, for $234m.However, it said in September that the US Department of Justice had asked for more information, and it now expects the department to make a decision at the end of March.On the currency markets, the pound rose 0.5% against the dollar at $1.32090 and was also 0.4% higher against the euro at €1.13330.
Source: BBC


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