FTSE100 Sheds 1.18% After Strong Fall In Morrisons Stock
The FTSE 100 lost 1.18% or 72 points, ending the day at 6,155.81, weighed not only by worldwide investors’ negative mood, by also by a strong fall in Morrisons shares, as the supermarket announced it was closing stores amid falling sales and profits.
Also, Home Retail Group edged lower, after reporting another fall in sales of Argos, which it owns, accounting for the 70% of the company’s revenues.
Beyond affecting shares, the decline in those stocks indicates, as the BOE announced earlier in the day that there are little chances for inflation to pick up in the upcoming months.
Technically, the index has made little progress over the last 24 hours, with the index stalling on an early advance around a still bearish 20 SMA, whilst the technical indicators remain in negative territory, albeit the Momentum indicator continues heading higher.
In the 4 hours chart, the index is now above a flat 20 SMA, while the technical indicators also lack directional strength right above their mid-lines, giving no clues on what’s next for this Friday.