FTSE 100 Competition Results week 11
Little change as contest goes into its final week
Results for the penultimate week of our contest. With the FTSE 100 starting the week at 7418.15 and closing at 7389.98 points there was a lot of inertia in our competition. Mining shares were the best performers of the week and contributed to the gains of those moving upwards and retail shares causing the fallers.
Our leader is still kenco but with Midge moving into second the front runners lead has now slipped to just £252. Otherwise the top six remain the same and the bottom four likewise. Mining shares gave Comrie Colliery a 30 place jump, the best of the week and up to 24th. Sliding furthest this week was Zona Paton down to 53rd.
In an up and down week on the London markets the index gained on Monday despite wider concerns over a slowdown in consumer activity in China.
On Tuesday the FTSE 100 gained further ground as stronger oil and commodity prices helped London keep up its strong start to the week. Positivity around the Covid-19 situation in China gave crude prices a lift, which subsequently moved BP and Shell shares higher.
This helped offset supermarket stocks, such as Tesco and Sainsbury’s, which drifted lower after Bank of England governor Andrew Bailey warned of “apocalyptic” food price rises.
Then on Wednesday the latest UK inflation figures, stoked fears of a recession later this year after the Office for National Statistics revealed that Consumer Price Index (CPI) inflation rocketed to 9% last month on the back of a surge in energy prices.
Next day retail shares reacted and were sharply lower but on Friday bounced back after major declines during the previous two trading sessions. At the end of the week retailers’ stocks lagged behind on the FTSE, with B&M, Ocado, Tesco, Sainsbury’s and JD Sports suffering most.
Royal Mail plunged 6.7% on the week after it cautioned over possible further price hikes and revealed plans to ramp up cost-cutting as it looks to tackle soaring inflation pressures. Shares fell after it said it would have to go further with cost savings as a result.
Tobacco giant Imperial Brands rose despite reporting a big drop in profit as it took a hit from leaving Russia. They were up 4.9% this week.
Best Performing Shares this week
Fresnillo +8.4%
Glencore +7.8%
Anglo American +6.6%
Dechra Pharmaceuticals +5.5%
Antofagasta +5.5%
Airtel Africa +5.4%
Poorest Performing Shares this week
B&M Euro Group -9.6%
Scottish Mortgage -8.5%
JD Sports -7.6%
Tesco -7.6%
Spirax-Sarco -7.1%
Ocado Group -6.9%
