A fall in mining stocks put pressure on Britain’s top share index on
Friday, while British consumer-facing stocks came into sharp focus after
pub operator Greene King’s (GNK.L) shares plunged following a bleak trading update.
The blue chip FTSE 100 .FTSE index ended down 0.3 percent at 7,377.60 points, while mid caps .FTMC declined 0.4 percent.
A decline in the copper price weighed on the FTSE’s miners, with Antofagasta (ANTO.L), BHP Billiton (BLT.L) and Anglo American (AAL.L) all down more than 3 percent.
Shares in mid cap brewer Greene King slumped more than 15 percent to a five-year low after it reported a fall in sales at its pubs, warning of tougher times ahead.
The rise in inflation following Britain’s vote to leave the European Union last June has squeezed consumer spending, which has also been hit by muted wage growth. This in turn has made it a difficult environment for firms in the pub, restaurant and retail industries.
Shares in rivals Marston’s (MARS.L), Mitchells & Butlers (MAB.L) and J D Wetherspoon (JDW.L) all fell, by between 2.6 percent and 8.5 percent. Among blue chips, Costa Coffee operator Whitbread (WTB.L) declined 0.6 percent.
The FTSE 100 ended a week dominated by a European Central Bank meeting with a loss of 0.8 percent. Banks, however, were among top gainers on Friday after the central bank indicated it was preparing to scale back its stimulus programme.
Burberry (BRBY.L) rose 0.5 percent on the back of a positive note from Credit Suisse, whose analysts raised the luxury goods group to “outperform”, highlighting it as one of their top turnaround picks.
A decline in the copper price weighed on the FTSE’s miners, with Antofagasta (ANTO.L), BHP Billiton (BLT.L) and Anglo American (AAL.L) all down more than 3 percent.
Shares in mid cap brewer Greene King slumped more than 15 percent to a five-year low after it reported a fall in sales at its pubs, warning of tougher times ahead.
The rise in inflation following Britain’s vote to leave the European Union last June has squeezed consumer spending, which has also been hit by muted wage growth. This in turn has made it a difficult environment for firms in the pub, restaurant and retail industries.
Shares in rivals Marston’s (MARS.L), Mitchells & Butlers (MAB.L) and J D Wetherspoon (JDW.L) all fell, by between 2.6 percent and 8.5 percent. Among blue chips, Costa Coffee operator Whitbread (WTB.L) declined 0.6 percent.
The FTSE 100 ended a week dominated by a European Central Bank meeting with a loss of 0.8 percent. Banks, however, were among top gainers on Friday after the central bank indicated it was preparing to scale back its stimulus programme.
Burberry (BRBY.L) rose 0.5 percent on the back of a positive note from Credit Suisse, whose analysts raised the luxury goods group to “outperform”, highlighting it as one of their top turnaround picks.
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