Markets are calm on Friday as investors took time to digest the Fed shock earlier this week

Following a loss yesterday, the FTSE 100 is down by 0.44% on Friday, after a mild opening, putting it in the red for the whole week.

“Markets were relatively calm on Friday as investors took time to digest the Federal Reserve’s shock earlier this week that US interest rates might go up sooner than previously expected,” says Russ Mould, investment director at AJ Bell.

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“Industrials and miners were among the top risers, including Rio Tinto which staged a small recovery after being in a falling trend since the start of June. China recently said it would release metal reserves to calm a strong rally in commodity prices, and this has weighed on the mining sector in general.”

The more UK domestic-focused FTSE 250 moved 0.2% higher to 22,570 with miners, industrials and airlines catching favour with investors. Dr Martens continued to slide following yesterday’s big slump.

There is not much going on next week with large cap stocks, with only DS Smith and Nike standing out.

FTSE 100 Top Movers

Fresnillo (2.29%), Halma (1.43%) and Renishaw (1.22%) were the top risers during the morning session on Friday.

Trailing the FTSE 100 pack is Reckitt Benckiser (-2.49%), Johnson Matthey (-2.47%) and Tesco (-2.25%)

Tesco

Tesco saw its underlying UK sales growth slow during Q1, in contrast to the same period a year ago when many rushed to the supermarket to bolster their supplies for the first lockdown.

For the quarter ending in May, the FTSE 100 company’s sales rose by 0.5%, above analysts’ predictions of a drop of 1%. However, it was way down from a growth rate of 8.8% in the quarter before. Tesco said that people were eating more meals at home than before the pandemic, causing a growth in sales.

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