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FTSE 100 at the close: Aviva, Legal & General, JD Sports

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By Patrick Munnelly, Market Strategist, Tickmill

On Thursday, the UK’s FTSE 100 index reached a one-week peak, propelled by gains in interest rate-sensitive sectors like real estate and personal goods.

This shift in market sentiment came as investors adjusted their expectations, scaling back on the notion of prolonged elevated interest rates in the UK. The FTSE 100, which includes numerous companies heavily reliant on exports, witnessed a 0.4% increase in its value in early trade before rolling over inline with a general pull back in risk sentiment as US markets failed to maintain overnight gains driven by blowout earnings from chipmaker Nvidia [NASDAQ:NVDA].

FTSE 100 biggest movers

Taking the brunt of the losses were life insurance companies Aviva [LON:AV.] and Legal & General [LON:LGEN] which faced a decline in their stock prices, down 2.57% and 2.55% respectively. This dip was attributed to the fact that the companies were trading ex-dividend, a scenario where new buyers of the shares would not be entitled to the most recent dividend payment.

On the positive side of the ledger JD Sports Fashion [LON:JD.] had a decent rebound gaining 5% on the session from yesterday’s losses attributed to concerns about its US peer Foot Locker whose shares were slashed by 35% Stateside.

Markets appear to be in a holding pattern ahead of the Jackson Hole Syposium which kicks off this evening with the main event being an address by Fed Chair Jerome Powell tomorrow, market participants will be keen to glean insights into whether or not the Fed are likely to continue to remain in a wait and see, data dependent mode or are more inclined to move towards further rate hikes.

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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