Power, banking shares drag FTSE decrease; eyes greatest weekly leap in 14 months

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British 5 pound banknotes are seen on this image illustration taken November 14, 2017. REUTERS/Benoit Tessier/Illustration

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  • Ted Baker jumps on a possible bid
  • Blue-chip index set for its greatest week since Jan. 2021
  • FTSE 100 down 0.2%, FTSE 250 down 0.2%

March 18 (Reuters) – Britain’s FTSE 100 erased early positive factors to commerce decrease on Friday, weighed by weak point in power and banking shares, as the dearth of progress in Russia-Ukraine peace negotiations stored buyers on the sting.

The blue-chip FTSE 100 index (.FTSE) fell 0.2% in unstable commerce however was on observe for its greatest weekly achieve in over a yr, whereas the domestically-focused mid-cap index (.FTMC) declined 0.2%.

The banking sub-index (.FTNMX301010) fell 0.4%, whereas oil majors Shell (SHEL.L) and BP dropped 0.5% and 1.0%, respectively, regardless of a rally in crude costs.

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Buyers stored a cautious eye on developments across the Ukraine disaster as hopes of a deal dwindled amid lack of tangible progress in peace talks between Russian and Ukrainian negotiators.

“The feedback we noticed from the Kremlin yesterday have form of clouded that image (an settlement of ceasefire, Russian troops leaving Ukraine), and now markets are within the impression the progress has been overplayed,” stated Craig Erlam, a senior market analyst at Oanda.

Additional losses had been restricted by positive factors in base metallic miners (.FTNMX551020), up 0.5%, monitoring rising metallic costs as coronavirus curbs in China fuelled provide issues.

Regardless of the week’s rebound, the FTSE 100 has misplaced almost 0.2% thus far this yr. Nonetheless, heavyweight power corporations tracked sturdy positive factors in oil costs, so year-to-date losses weren’t as steep as these within the wider European mixture (.STOXX).

Amongst particular person shares, Ted Baker (TED.L) jumped 18.4%, with U.S. personal fairness agency Sycamore Companions within the early levels of constructing a doable money provide for the style retailer. learn extra

Vodafone (VOD.L) gained 1.7%, after Reuters reported, quoting sources acquainted with the matter, that World infrastructure funds approached the community operator to spend money on its $16 billion mast firm Vantage Towers (VTWRn.DE) however the telecoms big’s choice is for an business merger. learn extra

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Reporting by Amal S in Bengaluru; Enhancing by Rashmi Aich

Our Requirements: The Thomson Reuters Belief Rules.



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