The FTSE 100 fell after three days of gains when U.S. President Donald Trump returned to the White House after three days of hospital treatment for Covid-19.
The UK blue chip index fell 30 points, or 0.5%, to 5,913 as global markets returned gains sparked by positive updates on Trump’s health.
AJ Bell analyst Russ Mold said the US is likely to remain a source of significant uncertainty through election day November 3, despite the seemingly improved forecast for Trump.
“Gold prices have hit the $ 1,900 an ounce mantle, indicating the nervousness that is still pervading the markets,” he said.
Ocado ((OCDO) was the biggest blue chip loser at £ 25.26, down 3.7%, or 101p, as Waitrose, the supermarket delivery platform’s former grocery partner, saw sales jump 20% after its products hit the market by have been replaced Marks & Spencer ((MKS) on the Ocado website.
Rentokil ((RTO) fell 3.2%, or 17p, to 525p after the pest control group was downgraded by analysts.
The UK mid-cap stocks in the FTSE 250 outperformed the blue chips, rising 0.4%. The index was led by Swiss clocks ((WSOG), up 19.9% at 400p after the luxury watch retailer posted sales of £ 145 million in the second quarter, up 12.6% year over year.
Stronger than expected sales and sales led the group to revise sales expectations for 2021 upwards from £ 880m to £ 910m.
Greg Lawless, analyst at Shore Capital, said the demand for luxury watches continues to outperform supply and the strategy of strategic store refurbishment along with the company’s proprietary consumer relationship management system will support continued growth.
FTSE returns profits as Trump returns to the White House