FTSE struggles in early trading

FTSE struggles in early trading


The FTSE 100 was down 7.6 points to 5800.4 in early trading

Trading has started mixed on the FTSE 100 Index as banks and commodity stocks eased back after strong gains on Thursday.

The Footsie struggled to find direction in early trading, down 7.6 points to 5800.4, with little in the way of corporate news.

Rolls-Royce was one of the session’s biggest fallers after a report in the Financial Times suggested the group could face costs of 500 million US dollars (£380 million) in redesigns and fallout from its recent Trent 900 engine crisis.

The firm’s shares fell 13.5p to 628.5p.

Asian-focused bank Standard Chartered continued its descent after falls on Thursday on concerns over issues flagged up in its trading update.

Fellow banking giants joined it on the fallers board today, with Barclays down 2p to 274p.

BP was among a number of commodity firms lower, down 5.4p to 450p.

In the FTSE 250, Rentokil Initial fell 1p to 94p after it said woes continued at its troubled City Link delivery arm and confirmed the division’s boss Stuart Godman had stepped down.

Elsewhere, regional airline Flybe started life as a public company. It priced shares at 295p in conditional dealings, which was at the lower end of the expected range, but the stock opened higher at 320p before easing back 1.5p to 318.5p.

Official trading starts next Wednesday.

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