LONDON MARKETS: FTSE 100 Gives Up Ground; Unilever Slips After Hurricanes Hurt Sales
2017年10月19日 - 5:42PM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. retail sales on deck
U.K. stocks lost ground Thursday, with shares of consumer
products heavyweight Unilever PLC falling after its earnings
report, as investors waited for figures on retail spending by
British consumers.
The FTSE 100 index lost 0.5% to 7,504.70, led by a drop in
consumer goods and services shares, as well as in basic materials
stocks. Losses were deepening alongside a fall in U.S. stock
futures
(http://www.marketwatch.com/story/us-stock-futures-tumble-with-ebay-apple-other-tech-stocks-taking-a-hit-in-premarket-2017-10-19)
and after the Shanghai equities market closed 2.1% lower.
The London benchmark on Wednesday rose 0.4%
(http://www.marketwatch.com/story/ftse-100-rises-as-eyes-turn-to-wages-data-2017-10-18)
to 7,542.87, just shy of its record close of 7,556.24 logged last
week.
Hurricanes blamed: Unilever (ULVR.LN) was among Thursday's
decliners. Shares fell 3.2% after the company behind brands
including Ben & Jerry's and Dove reported weaker revenue growth
of 2.6% in the third quarter. Analysts had been looking for growth
of 3.9%.
Sales growth was hurt by poor weather in Europe and natural
disasters in the Americas, the consumer products company said.
"There's really no growth in the U.S. business," Unilever Chief
Financial Officer Graeme Pitkethly said in an interview
(http://www.marketwatch.com/story/unilever-sales-disappoint-on-us-hurricane-impact-2017-10-19).
"But the big one-off impact that caused us to miss against
consensus this quarter were the hurricanes in Florida and
Texas."
U.K. shoppers: Investors are watching for a check on spending by
British consumers due Thursday morning. Retail sales are expected
to have increased 2.3% in September year-on-year but to have fallen
month-on-month, according to a FactSet survey of economists.
"We believe that there's a strong chance of a surprise higher in
the retail sales report, as the consumer spending data earlier in
the month suggests that demand should remain strong," said
Konstantinos Anthis, a research analyst at ADS Securities.
"Having said that, it is unlikely that even a stronger reading
today will alleviate traders' concerns on how determined the Bank
of England is to raise rates by the end of the year, and this
should keep the pound from extending its gains."
This week, reports showed real wages fell for the sixth time in
a row in August and that consumer price inflation hit 3%, a
percentage point above the Bank of England's target.
Ahead of the retail sales data, the pound traded at $ 1.3168,
down from $1.3205 late Wednesday in New York. The report is
scheduled for release at 9:30 a.m. London time, or 4:30 a.m.
Eastern Time, from the Office for National Statistics.
Stock movers: London Stock Exchange Group PLC (LSE.LN) shares
were down 1.2% after the company said Chief Executive Xavier Rolet
plans to step down by the end of December 2018.
(http://www.marketwatch.com/story/lse-revenue-up-18-ceo-xavier-rolet-to-leave-2017-10-19)
Travis Perkins PLC shares (TPK.LN) picked up 3.7%. The building
materials supplier said third-quarter comparable sales rose
(http://www.marketwatch.com/story/travis-perkins-sales-up-business-on-track-2017-10-19)
and that it expects to meet its full-year expectations.
Off the main benchmark, IWG PLC (IWG.LN) plunged 33%, after the
workspace provider said an anticipated improvement in third-quarter
sales has been weaker than expected.
(END) Dow Jones Newswires
October 19, 2017 04:27 ET (08:27 GMT)
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