After heavy losses on Thursday, there was only a modest drop in the FTSE 100 this morning, down 0.18% to 7,046 points.
“UK stocks held the line despite further weakness in Asia overnight, with retailers enjoying some strength despite signs that some of the pent up consumer spending had leaked from the high street to hospitality in July as restaurants and leisure facilities reopened,” says AJ Bell financial analyst Danni Hewson.
Public borrowing was revealed to be lower as the UK Government’s life support measures for the economy are gradually dialled back.
“Markets may struggle for direction until the latter part of next week given a dearth of corporate and economic updates with the Jackson Hole summit kicking off next Thursday and giving central bankers and other economic decision makers a chance to outline their plans for the next phase of the pandemic recovery,” Hewson added.
FTSE 100 Top Movers
Sainsbury (1.76%), Burberry (1.66%) and JD Sports (1.34%) are the top risers on the UK index on the last day of the week.
At the bottom end on Friday, Antofagasta (-2.62%), Diageo (-1.86%) and Compass Group (-1.77%) have made the biggest losses so far today.