Economic news

UK's FTSE 100 Flat at Open, Barratt Slumps

  • Both FTSE 100 and FTSE 250 flat

July 13 (Reuters) - UK's FTSE 100 was subdued at the open on Thursday as gains in energy stocks outweighed losses in financials, while Barratt Developments tumbled after the homebuilder warned it would build around 20% fewer homes in 2024.

By 0709 GMT, the blue-chip FTSE 100 held steady at 7,409.69 points, while the more domestically focussed FTSE 250 midcap index was flat.

Barratt Developments slipped 4.7% after Britain's largest homebuilder said it would build far fewer homes this fiscal year.

The broader homebuilders index fell 2.4%.

Separately, an industry survey showed signs of a slowdown in Britain's housing market in June, and property surveyors expect activity to remain subdued as higher borrowing costs hit new buyer enquiries.

Heavyweight energy stocks rose 0.2%, tracking higher crude prices.

UK banks fell 0.6% after rising nearly 3% in the previous session.

The pound was also seen trading higher after official data showed Britain's economy contracted by less than expected in May and all sectors of the economy contracted in May with the exception of services, which showed no growth.

Reporting by Shashwat Chauhan in Bengaluru; Editing by Saumyadeb Chakrabarty

Source: Reuters

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree