Markets: Live

Wetherspoon shares rise | retail footfall improves

5pm: London treads water

The FTSE 100 spent the day toying with on the edge of the 7,000 threshold, closing 6.18 points down at 6,991.09.

Among today’s risers was JD Wetherspoon which jumped 17% despite the huge increase in costs that forced it into a second year of losses.

On Wall Street, stocks were firmly down with the Dow Jones Industrial Average was off 1.62% and the S&P 500 was down 2.16%. The tech-heavy Nasdaq Composite fell by 3%.

Pound slips on back of strong US jobs growth

10am: London remains volatile

BP and Shell gave a much-needed boost to the FTSE 100 index after oil prices climbed following Opec’s agreement to cut production by 2m barrels a day: the biggest since the pandemic.

B&Q owner Kingfisher, Ocado and Frasers Group were among the biggest fallers as consumer confidence continues to be shaky.

The FTSE 100 eked out a small gain to edge above 7000, trading 11 points higher at 7,008.01, ahead of the US jobs report.

7am: FirstGroup warned on west coast route

Avanti West Coast, operated by First Group and Italian firm Trenitalia, has been given a short-term extension for the Glasgow-London rail route but has been warned it needs to “drastically improve services”. Full story here

7am: Wetherspoon loss

Pub chain JD Wetherspoon plunged to a £30.4m pre-tax loss before exceptionals for the year to the end of July from a £102.5m profit in 2019. Full story here

Retail footfall improves

Footfall in Scotland’s retail destinations rose 1.4 percentage points last month compared to the previous month, and up 6.9% year on year, but remains the joint weakest in the UK.

Data from the Scottish Retail Consortium and Sensormatic Solutions showed footfall 13.4% lower than pre-pandemic levels in 2019.

The average decline across the UK on pre-Covid levels was 9.8%. Northern Ireland was also down 13.4%, while the northwest of England was the best-performing region with a drop of 4.7%.

House prices fall

UK house prices edged down marginally in September, according to Halifax house price index. Prices fell 0.1% in the month, compared to a 0.3% rise in August. Annually, prices rose 9.9%, slowing from 11.4% annual growth seen in August.

Global markets

Stocks on Wall Street closed in the red as investors digested a surprisingly big production cut from OPEC+, and looked ahead to the nonfarm payrolls report today.

At the close, the Dow Jones Industrial Average was down 1.15%, as the S&P 500 lost 1.02% and the Nasdaq Composite was off 0.68%.

Twitter lost 3.72% amid reports that some of the financial backers of Elon Musk’s controversial deal to buy the social network were backing out.

Hong Kong’s Hang Seng was down 1.4% and Japan’s Nikkei 225 closed down 0.7%.

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