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Summary
- UK shares largely traded in green on Friday, but ended with minimal uptick
- A sharp drop in AstraZeneca shares reversed afternoon gains of index
- Moderately higher Wall Street failed to uphold London equities
- FTSE 100 ended with weekly gains for the first time in three weeks
UK shares largely traded in the positive region on Friday, 28 May, reversing the marginal dip of yesterday, with the benchmark FTSE 100 oscillating well below the 7,100 mark. The positive opening on Wall Street somewhere supported the London equities, but the gains remained minimal as investors optimism was partly unnerved by a month-on-month (MoM) decrease in personal income in the United States.
According to the data released by the US Bureau of Economic Analysis, the personal income in the US dropped by 13.1 per cent in April 2021 as compared to the levels recognised in the previous month. In March 2021, the personal income of US residents jumped by 20.9 per cent. The sharp increase in the monthly incomes was largely due to the $1,400 cheques distributed as a part of $1.9 trillion Covid-19 stimulus package.
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Wall Street reflected a moderately upbeat trade with the tech leader Nasdaq Composite jumping 0.42 per cent to 13,793.39, the Dow Industrials rising 0.33 per cent to 34,577.92, while the wider S&P 500 adding 0.25 per cent to 4,211.57.
Back in London, the FTSE 100 reversed its afternoon gains in the terminal trading session to finally finish at 7,022.61, up 0.04 per cent from the previous close of 7,019.67. During the day, the headline index hovered between a high and low of 7,054.91 and 7,019.58, respectively. The index has managed to close with weekly gains after two weeks of dismal trading activity.
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The heavyweight shares of AstraZeneca Plc (LON:AZN) falling in negative territory, provided the major negative points in the closing session. As per the stock quote available with the London Stock Exchange, the stock of AstraZeneca dived nearly 0.80 per cent in the last 70 minutes of trade. Shares of the Cambridge-headquartered drugmaker closed 0.58 per cent lower at GBX 8,053 from the previous close of GBX 8,100.
AstraZeneca shares (28 May)
Image Source: EODHD/Others
The mid-cap indicator FTSE 250 concluded moderately higher at 22,683.95, up 0.11 per cent, while the broader indices FTSE 350 and FTSE All-Share ended almost flat with gains capped below 0.10 per cent.
