share this article!

3 Minutes to Read (Click LIVE/ or type LIVE/ in a news window for a Reuters live blog on U.S., UK, and European financial markets.) * Deliveroo rises on the back of high quarterly orders* Entain plans to treble its gaming investment* B&M falls on lower sales in the previous quarter* FTSE 100 down 1.1 percent, FTSE 250 down 0.7 percent (Edits prices and adds a comment) Reuters, July 8 – On Thursday, the FTSE 100 declined for the first time in three weeks, led by heavyweight financials and miners, while betting operator Entain was the leading gainer on the blue-chip index thanks to solid profits and corporate updates. The owner of the Ladbrokes and Coral brands increased its stock by 2.2 percent after reporting an 11% increase in first-half net gaming revenue and announcing that it would double its investment in game development studios. The FTSE 100 fell 1.1 percent, led by a 1.9 percent decrease in big banks, which followed lower bond yields. Miners of precious metals and homebuilders both dropped 1.7 percent and 1.5 percent, respectively. “The main sectors weighing on the index are miners and banks, indicating that investors are once again concerned about the strength of the economic recovery,” said Russ Mould, investment director at AJ Bell. “When the economic prognosis isn’t as bright, investors flee the banks, fearing that it will be more difficult for them to raise revenues.” Persimmon Plc, a homebuilder, fell 2.2 percent after reporting higher half-year revenue and predicting continued strong housing demand. Meanwhile, according to an industry poll, fewer properties were listed for sale last month, and buyer interest slowed as a result of the expiration of a tax incentive on home purchases. The FTSE 100 has gained 9.3% so far this year, with advances in banking, minerals, and energy sectors leading the way. It has, however, lagged its developed market rivals due to hazards associated with an increase in local coronavirus infections. The mid-cap index, which is focused on the local market, was down 0.7 percent. Deliveroo rose 4.6 percent among equities after reporting an 88 percent increase in orders in the June quarter, however the food delivery company reduced its expectation for yearly profit margins. B&M dropped 2.8 percent after reporting a dip in underlying sales in the most recent quarter, a stark contrast to the same period last year, when buyers stockpiled up for the first COVID-19 lockdown. Shashank Nayar contributed reporting from Bengaluru, and Subhranshu Sahu edited the piece./nRead More

share this article!