By Patrick Munnelly, Market Analyst, Tickmill
The FTSE 100 is struggling to start the holiday shortened trading week. Investors are nursing losses circa 0.5% with the index closing the session down 14 points at 7764.09.
FTSE-100 biggest movers
Data out of China overnight suggesting a significant decline in consumer demand have led to concerns about the global growth story. As such the commodity complex and specifically oil has once again seen weakness. This has helped the airlines, as International Consolidated Airlines Group [LON:AIG] has risen to the top of the pile today with gains of 3.2%+, Additional support for the airline owner came from an upgrade from broker Peel Hunt who raised the firms rating from ‘hold’ to ‘buy’. JD Sports Fashion LON:JD., the FTSE’s largest sportswear retailer, confirmed a proposal to acquire French sportswear retail business Courir for 520 million Euros. Inventors welcomed the news with shares in JD. trading higher by 1.2% on the session.
On the negative side of the ledger, retail estate names are under renewed pressure as data from mortgage lender Halifax saw UK property prices rise by a meagre 0.1% in April. Representing the worst year over year uptick since December 2012, the news has weighed on property sector names British Land LON:BLND losing 2.8%+ along with Berkley Group LON:BKG shedding 2.2%+ as Unite Group LON:UTG sank to the bottom of the index today sliding over 4.5%.
In some stock specific news DCC LON:DCC is down over 3.1% as the company’s Chief Executive Donal Murphy announced he will be stepping back from operational responsibilities for the next few weeks due to a medical condition that requires treatment, Finance head Kevin Lucey will step in and assume the CEO’s role. It is hoped Murphy will return ahead of the companies AGM in July.
