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FTSE 100 Declines As House Prices Fall Most In Over A Decade
(RTTNews) - U.K. stocks traded lower on Friday on concerns how deep or persistent the downturn in house prices will be.
U.K. house prices declined at the fastest pace in twelve years in June as rising interest rates dampened demand, results of a survey by Lloyds Bank subsidiary Halifax showed earlier today.
House prices fell 2.6 percent on a yearly basis in June, which was the biggest fall since June 2011. This followed a 1.1 percent decrease in May.
House prices edged down 0.1 percent on month in June, following a 0.2 percent decrease in May. This was the third consecutive fall.
The benchmark FTSE 100 was down 34 points, or half a percent, at 7,246 after closing 2.2 percent lower on Thursday.
Housebuilders Barratt Developments, Taylor Wimpey and Persimmon were down between half a percent and 1.4 percent.
Bottler Coca-Cola HBC jumped 3.7 percent after upgrading its 2023 earnings guidance. Oil & gas major Shell edged down slightly after it projected post tax impairments of up to $3 billion for the second quarter, primarily driven by a 1 percent increase in the discount rate used for impairment testing.
JD Sports Fashion rose half a percent after it unveiled plans to acquire the remaining 49.98 percent shares in Iberian Sports Retail Group (ISRG) from Balaiko Firaja Invest and Sonae Holdings for a cash consideration of 500.1 million euros.
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