LONDON MARKETS: FTSE 100 Edges Up, Reaches For A Weekly Win
21 July 2017 - 6:38PM
Dow Jones News
By Carla Mozee, MarketWatch
Vodafone rises on outlook, but oil majors lose ground
U.K. stocks notched small gains on Friday, putting Britain's
blue-chip benchmark on track for its best week in more than two
months, even as stock markets across Europe broadly fell.
Vodafone PLC was a standout as shares of the mobile telecoms
company drove higher, but oil majors lost ground ahead of a meeting
of the Organization of the Petroleum Exporting Countries.
The FTSE 100 index was up 0.1% at 7,493.78, with
consumer-related and health care shares rising. But technology,
commodity and financial stocks were on the decline.
A win Friday would be the London benchmark's third in a row. It
was on course for a weekly rise of 1.6%, which would be its
sharpest advance since the week ended May 12, FactSet data
showed.
U.K. stocks on Thursday marked their highest close since
mid-June
(http://www.marketwatch.com/story/ftse-100-lifted-as-unilever-advances-with-ecb-meeting-in-focus-2017-07-20),
in part as the pound fell against the dollar. U.K. officials
wrapped up round two of Brexit talks on Thursday, with British and
EU officials clashing over the U.K.'s bill for exiting
(http://www.marketwatch.com/story/uk-eu-clash-over-divorce-bill-as-round-2-of-brexit-talks-wrap-up-2017-07-20)
from the bloc.
Stock movers: Vodafone (VOD.LN) picked up 1.4% after the mobile
phone services provider reiterated its earnings outlook for the
full year
(http://www.marketwatch.com/story/vodafone-revenue-drops-on-forex-effects-2017-07-21).
Among other top advancers in London trade were British Airways
parent International Consolidated Airlines Group SA (IAG.LN) and
apparel and home furnishings seller Next PLC (NXT.LN) , rising 1.6%
and 0.8%, respectively.
On the downside, Paddy Power Betfair PLC fell 2.9% and British
Land Co. (BLND.LN) shed 0.9%.
OPEC ahead: Royal Dutch Shell PLC (RDSB.LN) and BP PLC (BP.LN)
were each off roughly 0.4% although oil prices were moving slightly
higher.
The oil market will be back in focus as OPEC oil ministers are
set to gather Monday for a monthly meeting to monitor producer
compliance with output quotas.
Read:How OPEC committee's coming meeting could make or break oil
prices
(http://www.marketwatch.com/story/how-opec-committees-coming-meeting-could-make-or-break-oil-prices-2017-07-20)
Bucking Europe: The FTSE 100 on Friday continued to outperform
European stocks (), which dropped Thursday as the euro rallied to a
two-year high above $1.16.
Read:Nobody told the euro that Mario Draghi was dovish
(http://www.marketwatch.com/story/nobody-told-the-euro-that-mario-draghi-was-dovish-2017-07-20)
Those moves came after European Central Bank President Mario
Draghi said the bank's bond-buying program will be discussed in the
"autumn," and as investors brushed past the dovish tone about
monetary stimulus that Draghi struck at his press conference.
On Friday, the pan-European Stoxx Europe 600 index was tilting
lower, while the euro continued to rally.
The pound fetched EUR1.1138 on Friday, slightly lower than
EUR1.1153 late Thursday in New York. Against the dollar, it was
changing hands at $1.2992, up from $1.2973.
A weaker pound can help shares of FTSE 100-listed multinational
companies that make most of their revenue and earnings in overseas
markets.
(END) Dow Jones Newswires
July 21, 2017 04:23 ET (08:23 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Apr 2024 to May 2024
FTSE 100
Index Chart
From May 2023 to May 2024