FTSE 100 closes higher despite retail sales fall

The FTSE 100 closed 0.2% higher on Friday trading after a 0.1% retail sales fall in June cast a gloomy outlook on consumer-focused groups, while oil and commodities stocks rebounded on higher prices at the week’s close.

“The FTSE 100 eked out some gains on Friday to provide hope it may finish in positive territory for the week,” said AJ Bell investment director Russ Mould.

- Advertisement -

“A drop in the pound as retail sales disappointed probably helped since it boosted the relative value of the overseas earnings that dominate the stock index.”

The price of benchmark Brent Crude oil rose to $104 per barrel on demand fears after Russia announced it would not supply crude oil to countries that place a price cap on their oil.

Shell shares gained 0.6% to 2,042p, however BP shares dipped 0.2% to 383.1p.

BT Group shares fell 1.8% to 177.6p, despite the Competition and Markets Authority (CMA) granting the green light to the company’s sport joint-venture with Warner Bros’ Eurosport UK.

- Advertisement -

“It’s great news that the CMA has approved the new JV that we are forming with Warner Bros. Discovery, combining the very best of BT Sport and Eurosport UK, to create an exciting new offer for live sport programming in the UK,” said BT Consumer Division CEO Marc Allera.

“Today is a huge milestone, as we now look toward day one of the new business, which we hope to be in the coming weeks.”

Mining groups picked up after supply fears saw a 0.3% rise in three-month copper on the London Metal Exchange at $7,343.50 per tonne.

Anglo American shares gained 1.4% to 2,665.5p, Antofagasta increased 2.7% to 1,076p, Endeavor rose 1.3% to 1,619p, Glencore saw an uptick of 0.5% to 422.2p and Rio Tinto climbed 1.6% to 4,772p.

Meanwhile, JD Sports defied the gloomy retail sales results after it reported it was on track to reach £1 billion in profits for FY 2022, with sales rising 5% year-on-year.

The company is currently still searching for a new CEO after the departure of Peter Cowgill earlier this month.

Latest News

Subscribe to the UK Investor Magazine email newsletter

Register for our free email newsletter and receive the latest investment news, podcasts, event information and offers.

More Articles Like This

Tagdiv Cloud library - template content.