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FTSE 100 rides slow decline into the close as defensive stocks return to favour - Rayyes Finance and Market News
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FTSE 100 rides slow decline into the close as defensive stocks return to favour

The younger generation is off buying cryptocurrency or ramping small caps while the older crowd is buying utilities

  • FTSE 100 slides 27 points
  • FCA warns younger investors of the dangers of investing in highly volatile securities
  • US markets flat, GameStop to report after the close

5:20pm: Coronavirus continues to be the word on traders’ lips

The FTSE 100 ended Tuesday 27 points lower, a dip of 0.4%, at 6,699, while the FTSE 250 dropped 124 points, 0.6%, to 21,332.

“Concerns that Europe’s economic rebound will be hampered are playing on traders’ minds,” CMC Markets UK analyst David Madden wrote Tuesday. “Germany’s lockdown will last until 18 April, other countries have adopted tighter restrictions too in an effort to tackle the problem of rising Covid-19 cases… The mood isn’t awful, traders aren’t running for the hills but there is a sense of fatigue that the restrictive climate will drag on a bit longer. Most European indices are in the red this afternoon.”

Fears that a recovery for the travel industry may be pushed back has hurt airline stocks, including easyJet plc (), which lost 3.3% to £910.40.

In the US, the Dow was down 13 points to 32,719 in the early afternoon. The Nasdaq ticked down just 6 points to 13,371, while the S&P picked up 4 points to 3,945.

The S&P 500 is essentially flat on the session as traders are sitting on their hands,” Madden wrote. “Jerome Powell, the head of Fed, is just about to testify before the House Financial Services Committee in relation to the CARES act. Other US central bankers, Lael Brainard and John Williams are due to speak this evening. Mr Powell is likely to praise the fiscal response from the government but point out that the jobless rate still needs to fall further.”

() is once again in focus as the company prepares to report its quarterly figures after the bell. In anticipation, shares are down 1.7% to $191.22.

3.20pm: Proactive North America headlines:

Limited (NYSEAMERICAN:VNRX) CEO says company in ‘strongest-ever financial position’ to pursue ‘many milestones’

PsyBio Therapeutics Corp () starts process development of its biosynthetic formulation of norbaeocystin, an analogue of psilocybin

Snowline Gold Corp () (OTCMKTS:SNWGF) reveals details of its Tosh Gold Project in the Yukon

() (OTCMKTS:MRIRF) (FRA:8M0) names new interim CEO as it reports latest drill results from King Tut gold project

() implements more than $1.7M in new contracts following its acquisition of Solar Watt Solutions

Wellness Inc () () says initial results from Validcare CBD study shows no evidence of liver toxicity

Global Energy Metals Corporation () (OTCMKTS:GBLEF) (FRA:5GE2) expects drilling to begin in May at Lovelock mine battery metals project in Nevada; to submit permit amendment application

() (OTC:INOTF) (FRA:71TA) subsidiary Weather Telematics forms partnership to push its road safety alert system toward commercialization

Newrange Gold  Corp () () (FRA:X6C) completes IP survey at flagship Pamlico project in Nevada and enlarges property

(OTCQB:ABM) establishes new development center in Nevada

(NYSEAMERICAN:MMX) () (FRA:7781) posts 4Q and FY2021 results showing record revenue and strong profits from its royalty assets

Emissions Corp () () announces new technologies under development to improve REEs processing in North America

Micro Systems Inc () () notes filing of provisional patent for non-lethal munitions technology system

BTU Metals Corp () () further expands ground next to in Red Lake gold camp

Victory Resources Corporation () () (FRA:VR62) completes initial sampling on its Smokey Lithium property in Nevada

Heritage Cannabis Holdings Corp () () expands US supply and distribution agreement with Geocann for products utilizing VESIsorb technology

() (OTCPINK:MWSNF) (FRA:MXR) reveals results from deepest and best drill hole to date at Sunday Creek project in Australia

Todos Medical Ltd () enters into an automation and…

Read More: FTSE 100 rides slow decline into the close as defensive stocks return to favour

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