FTSE 100 Eases As Housing Data Disappoints
(RTTNews) - U.K. stocks traded lower on Tuesday after data showed house prices in the country unexpectedly declined in April amid rising interest rates.
House prices decreased 0.3 percent on a monthly basis in April, in contrast to the 0.8 percent increase in March, Lloyds Bank subsidiary Halifax said Tuesday.
This was the first fall in four months. Prices were forecast to rise 0.2 percent. On a yearly basis, house prices gained only 0.1 percent following a 1.6 percent rise in March.
The benchmark FTSE 100 was down 13 points, or 0.2 percent, at 7,765 as trading resumed after a long holiday weekend. Purplebricks plunged more than 60 percent after the online estate agency said it doesn't expect to return cash generation in early fiscal 2024 as expected earlier.
Insurer Direct Line slumped 5.8 percent after a warning that an uptick in motoring claims will hit its earnings in 2023.
Sports fashion chain JD Sports jumped 2.6 percent after it proposed buying France's Groupe Courir for an enterprise value of 520 million euros ($572 million).
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