Vodafone was in the news on Monday, helping the FTSE 100 to a lower close by just over 0.5%. Shares plummeted in anticipation of the year’s trading results, due Tuesday. Pharmaceutical, banking and oil stocks were in the news again with only banking offering redeeming features. The FTSE TechMARK index also closed lower by just short of 0.5%. Trading volume was low today with US markets closed for the Memorial Day holiday, offering no lead for the UK.
Tuesday saw another bad day for Vodafone with the release of full year profits. Banking and oil stocks also fell. Investors did not seem confident with the news from Vodafone and there are still worries over continually slowing consumer growth. By close of play, the FTSE 100 was down over 1% and the TechMARK down by almost 1.5%.
Wednesday was a momentous day for the TechMARK which fell to its lowest point, as technology and telecommunications stocks were hit hard. The index closed down over 7%. Better news from the FTSE 100 with gains outdoing losses, leaving the index slightly higher. Consumer confidence figures from the US yesterday seemed to it the TechMARK hard as well as having their own bad news.
Thursday saw the FTSE 100 fall into the red but kept above the 5000 mark, pleasing investors. Most losses came from the telecommunications and pharmaceutical stocks. By close of play the FTSE 100 was down 1%. Yet more losses for the TechMARK index, falling by another 1.5% for another all time low.
Friday saw banking and oil stocks pull the FTSE 100 back to end the week in the black. Investors seemed happy for the long weekend which was reflected in a 1% gain even the TechMARK had better news and managed gains of over 1%. Most of the gains seen came from the stocks dominating at the moment – banking, oil and telecommunications. Markets were also helped with good economic news from the US, giving a feeling of an expanding US economy.