FTSE 100 slips in low volume Black Friday trade

The FTSE 100 slipped on Friday in low-volume trade, which is typical of the Thanksgiving and Black Friday period.

With US markets trading hours reduced on Friday, investors held off taking big positions in London’s leading stocks, and the FTSE 100 index slipped 0.24% to 7,465 as of 12.38pm.

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“The usual adage is when the US sneezes the world catches a cold – in the latest case it appears when the US is on holiday global markets hit the snooze button,” said AJ Bell investment director Russ Mould.

“The FTSE 100 drifted lower on Friday as it lacked the usual direction provided by Wall Street. A sprinkle of profit taking and some weakness in the resources sector helped to put the index on the back foot.”

Profit-taking was most pronounced in Sage Group, with declines of 3.2%, after the business software group stormed higher earlier this week.

There were surprising declines in the FTSE 100’s miners, who shrugged off the latest moves by Chinese authorities to support their struggling property market.

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Rio Tinto fell 0.5% and Glencore lost 1.5%.

Barclays carved out minor gains after announcing cost-cutting measures, including thousands of job cuts.

“Reports Barclays is targeting £1 billion in cost cuts reflect the challenges facing the banking sector, despite higher interest rates, as inflationary pressures continue to weigh,” said Russ Mould.

“It also suggests CS Venkatakrishnan is starting to feel some pressure with the shares appreciably lower since his appointment in November 2021.”

Barclays shares rose 0.3%.

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