U.K. Shares Move Lower, Led by A Tumble in Shares of Reckitt Benckiser
U.K. shares turned lower on Thursday, led by losses in shares of Reckitt Benckiser as the company cut it sales forecast while stocks of energy companies remained weak even though crude price futures pared losses.
The FTSE 100 shed more than 0.4 percent in morning session with tech, consumer, commodity and industrial shares trading lower. Only utility sector was trading in the green. The U.K. stock benchmark index gained 0.1% on Wednesday after a choppy session.
Shares of Reckitt Benckiser Group PLC led losses on Thursday said that it expected to permanently lose some revenue after last month’s cyberattack which would cause 2017 sales to drop sharply. Meanwhile, shares of oil producers contributed to the down trend. Indeed, equities of BP PLC and rival Royal Dutch Shell lost 0.1 percent and 1.22 percent, respectively.
On the upside, shares of Associated British Foods PLC jumped nearly 3.7 percent thanks to rosy outlook that full-year earnings will be improved on the back of a strong performance by ABF’s its Primark fashion retail chain.
Sell Stop at 7305.00, Take profit at 7265.00, Stop loss at 7235.00