FTSE 100 narrowly avoids fourth consecutive week of decline
The FTSE 100 reversed early losses on Friday, but was held back by losses at Inmarsat and Coca Cola HBC.
That's not bad for a Friday 13th. The FTSE 100 before today had closed lower on eight out of the past 11 of them.
The UK's benchmark index closed at 6,138 points, with Inmarsat one of the largest fallers.
While the FTSE narrowly avoided a fourth consecutive week of decline after a boost from strong US retail sales, it rose just marginally from the 6,125 points it opened at on Monday.
Inmarsat's share price was just over four per cent lower after fellow satellite firm Eutelsat's share price collapses after cutting it cut its outlook for the year. The company is down over 26 per cent over the last month.
"Now people are beginning to worry that there is more to come within the sector. The read-across is showing that it wasn't just a one-off issue for Inmarsat, but there are broader problems which will flow through the whole sector," Chris Beauchamp, market analyst at IG, said.
Read more: Pound falls as UK's construction output plummets in the first quarter of 2016
Meanwhile, Coca Cola HBC was another that fell, with shares sliding after the company saw sales revenues for the first quarter slide 2.7 per cent.
Better news was to be found at Fresnillo, which was up over three per cent after gold rebounded.
"Amongst the better performers Tesco shares have had a decent day after publishing its annual report. Banks have also had a decent day as they also strive to reverse a succession of weekly losses," said Michael Hewson, chief markets analyst at CMC Markets.
Elsewhere in the economy, UK construction output nosedived in March in further disappointing news on the UK economy.
Let's not overreact though – the FTSE 100 is only around two per cent down so far this year, outperforming its European peers.