U.K. stocks edged lower on Thursday, retreating after a strong run.
Up 28% from the lows of March and having climbed for three straight sessions, the FTSE UKX, -0.61% lost 0.6% with most companies in the index declining. The mid-cap FTSE MCX, -0.31% also fell.
“While the bounce has paused for breath, and eurozone stocks in particular look rather stretched after their recent run higher, equity markets remain impressively resilient in the face of a still-uncertain economic situation, where unemployment, consumer spending and industrial activity are all set to remain under pressure for the foreseeable future,” said Chris Beauchamp, chief market analyst at IG.
Shares of Intermediate Capital ICP, -6.13% lost 6%. It reported a 22% rise in assets under management in the year to March 31, while it reported unrealized losses of £152.4 million, which it blamed on “portfolio valuations which have been negatively impacted by the market dislocation due to the COVID-19 pandemic.” Numis Securities lowered its rating to hold from buy but kept its price target unchanged.
Lookers LOOK, +8.15% shares rose 8% as the U.K. and Ireland car dealership chain said it would cut up to 1,500 jobs. Separately, U.K. car sales plunged 89% in May, a trade group reported.
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