FTSE 100 set to reverse trend of monthly gains

London’s FTSE 100 dropped on Wednesday afternoon as the index looks set to reverse a trend of successive monthly gains.

The capital’s premier-index was down 0.49 per cent in the afternoon session. The index has risen every month since February, but it looks likely to end that run in June.

The fall comes as the ONS published data today revealing the UK economy shrank more than previously thought. GDP was down 1.6 per cent in the first three months of the year – the ONS had previously estimated a 1.5 per cent contraction.

The mid-cap FTSE 250 dipped 0.47 per cent, while AIM shares lost 0.45 per cent this afternoon.

The pound followed yesterday’s losses on the greenback to reach $1.38.

Read more: British savings jump during lockdown as UK GDP slips

Winners and losers

The day’s biggest winner so far was food service firm Compass Group, climbing 1.71 per cent in the afternoon session.

Supermarket Sainsbury’s came second, adding 1.04 per cent, while chemicals firm Croda International inched up 0.79 per cent to come third.

Insurer Prudential took the day’s worst performer spot, sliding 4.28 per cent.

Alternative asset manager Intermediate Capital Group was the second worst performer, dipping 3.34 per cent, and steel maker Evraz came third losing 3.27 per cent.

Around the world

Across the pond, shares opened higher, with the US’s blue-chip S&P 500 inching up 0.05 per cent in morning trading.

The tech-heavy NASDAQ Composite dropped slightly, losing 0.12 per cent to reach 14,511.

European shares experienced a sell off too, with the STOXX 600 slipping 0.78 per cent in the afternoon session.

Read more: Eurozone inflation falls in June