By Patrick Munnelly, Market Analyst, Tickmill
Last week the export-oriented FTSE 100 concluded its third consecutive week in the red. This three-week downward trend represents the longest period of weekly declines for the index in the past seven months. As we reach the midpoint of May, defensive sectors like utilities and healthcare have emerged as the top gainers among FTSE firms. Conversely, cyclical sectors such as commodity-linked stocks have experienced the most significant declines during this period.
FTSE 100 biggest movers
As the new trading week commences, the FTSE is rotating around the flatline for the session with 3i Group LON:III sitting at the top of the index, up over 2.6% as shareholders applauded the companies annual financial results. The reported revenues of UK£4.7 billion were in line with expectations, while the statutory earnings per share (EPS) showed significant improvement. Surpassing analyst predictions by 15%, the EPS reached UK£4.74.
In a further blow to Ocado LON:OCDO, after last weeks news that hedge funds are circling the embattled online retailer as they look to short the shares on the basis that gains seen during the pandemic are set to reverse, JPMorgan added the stock to its underweight rating this morning, leading to additional pressure which once again sees the retailer sitting at the bottom of the index, nursing losses of just over 2.3% on the session. Once again the Ocado decline has weighed on Tesco LON:TSCO as investors reprice the value of its online offering with shares trading down just shy of down 1% at the close.
The index closed up 23 points at 7777.70.
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