FTSE 100 Competition Results week 7
Banking stocks were predictably still the weakest performers
FTSE 100 Week 7 opened at 7,335.40
FTSE 100 Week 7 finished at 7,405.45.
The banking sector dominated the week following Credit Suisse’s sudden takeover and sparked further volatility in the markets. Banking stocks were predictably still the weakest performers, after the Swiss authorities agreed an emergency rescue deal for UBS to snap up its rival Credit Suisse.
Some confidence in the sector was restored after the US Treasury secretary said the country’s financial system is stable.
Wednesday brought the news that Consumer Prices Index (CPI) inflation unexpectedly resurged in February, to 10.4% from 10.1% in January, driven by decades-high food prices. Then on Thursday the FTSE 100 dropped after the Bank of England and Federal Reserve both announced interest rate hikes. The central banks increased rates by 25 basis points despite concerns over the banking sector.
Banks suffered another poor session on Friday as Deutsche Bank became the latest financial firm to put traders on edge and investors feared another Credit Suisse scenario was not off the horizon.
Unsurprisingly Standard Chartered was poorest share to hold, losing 6.7% this week and dragging the likes of Barclays with them down 4.1% this week.
Best performers this week
Beazley plc +8.7%
BAE Systems plc +7.4%
Melrose Industries +7.2%
Endeavour Mining +5.7%
Ocado Group plc +5.6%
Reckitt Benckiser Gp +5.1%
Poorest performers this week
Standard Chartered -6.7%
British Land Co -6.5%
Kingfisher -5.0%
Land Securities -4.7%
ConvaTec Group -4.2%
Barclays -4.1%
In our FTSE 100 competition now only seven entrants are above their initial £50,000 starting point. Our leader is still Zona Paton and the top nine contain the same entrants as last week but Liz P has moved into the top ten. Early leaders Ian & Freyza suffered the largest slide of the week dropping 13 places to 30th.
Best movers this week were George P and Comrie Colliery both up seven places. George enters the top 20 while Comrie Colliery leaves the bottom seven where that was the only change. Jennifer Grieve is still in pole position to lift the bottle of malt but there will no doubt be more drama before 28th April close.
