As expected, Monday in the UK was pumped up by positive news from the US. Surprisingly, technology, telecommunications and media stocks suffered in the UK and most gains for the day came from banking and retail stocks. The FTSE 100 was up by almost 1% but due to the poor performance of the TMT sector, the FTSE TechMARK closed over 0.5% down. News came from William Hill the UK bookmaker that they intended to float on the London Stock Exchange. Fancy a flutter?
Tuesday saw a reversal of fortune for telecommunication, technology and media stocks as they headed higher. Yet again, positive market news from the US pushed the UK spirits upwards. Oil stocks also helped to increase gains, leaving the FTSE 100 up by almost 1% and the FTSE TechMARK up by almost 1.5%. Markets were also helped along by news from the US that retail sales were almost double the level expected.
Wednesday turned out better than expected for the FTSE 100. As news from Hewlett Packard dragged the US Dow Jones down, much the same was expected in the UK. However, by close of play, even though the FTSE 100 was down it still managed a gain just short of 0.5%. Stronger stocks were telecommunications and drugs. The FTSE TechMARK closed just above its opening levels.
Thursday's results were disappointing, especially as the US markets did well. Bank and retail stocks did not fare well today and helped the FTSE 100 to its first red close of the week. It was also bad news for the FTSE TechMARK which also fell into the red after disappointing earnings news. The FTSE 100 fell just short of 0.5% but the TechMARK was hit harder and fell by 1%. Punch Taverns were due to float on the London Stock Exchange but just before the shares were priced they pulled out, stating that market conditions were weak.
Friday was another bad one for the FTSE 100 with another close in the red. Stocks that headed south were oil and telecommunications. Those on the up were banking and insurers. By close of play the FTSE 100 was down over 0.5%. Despite the downward spiral for telecommunications, the FTSE TechMARK still managed a gain just over 0.5%.