Mon City brief: investors take profits after surge

Investors took profits this morning on the back of last week’s gains and after weaker data from China.

Exports, which had been expected to rise 12%, dropped 15% in March.

Investors turned sellers on the news. After hitting a new all-time closing high of 7,089.77 pts on Friday, the FTSE100 index retreated 25.47 pts, or 0.4%, to 7,064.30 pts by the close. The FTSE remains up nearly 8% since the start of 2015.. The intraday record high of 7,095.36 was also reached on Friday.

UK inflation figures are published tomorrow with expectations that it may have dipped below zero, while US retail sales and a policy meeting at the European Central Bank are also due.

Mining stocks were among the worst performers on the London Stock Exchange. BP also felt the backlash of a broker downgrade. Housing stocks pulled back with Barratt Developments, Bellway and Persimmon all trading in the red.

Low cost air carrier EasyJet fell after appointing Andrew Findlay from Halfords. He becomes chief finance officer in October.


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