LONDON: Banking stocks led the FTSE 100 lower on Thursday as investors booked profits after gains of nearly 6% in the past three sessions, although hopes of a bigger US stimulus package under a Democrat administration helped limit losses.
The blue-chip FTSE 100 reversed early gains to drop 0.3%, with banking stocks slumping 1.2%, while Sainsbury surged to the top of the index.
Shares of the supermarket owner jumped 5.3% after it raised its full-year profit forecast as it benefited from COVID-19 restrictions that forced people to stay at home.
The domestically focussed mid-cap FTSE 250 declined 0.5%.
London-listed shares of Europe’s largest low-cost carrier Ryanair dropped 2.7% after it slashed its annual traffic forecast due to fresh lockdowns in the United Kingdom and Ireland.
British discount retailer B&M fell 0.5% even as it reported a jump in quarterly sales, while fashion retailer Joules dropped 3.9% after reporting a plunge in total store sales in a seven-week period that included the holiday season.
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