It looks like we could be in for another very uncertain week for the FTSE 350 this week.
Still below 7,000
The FTSE 100 ended last week with three days of losses in a row. But at least they were relatively small ones. The top index even briefly broke through 7,000 points on each of those days, but wasn’t able to hold on. It ended Friday at 6,991 points, up 97 points (1.4%) on the week.
The FTSE 350 followed a similar path through the week, ending the week on a modest overall gain of 52 points (1.4%), at 3,849 points.
Markets in the US had a steadier week, following on from a volatile spell. The S&P 500 recorded a relatively modest gain of 54 points (1.5%) to finish Friday at 3,640 points.
The Nasdaq put in a weaker recovery. Though it looked like the tech stock index was set to finish the week back above the 11,000 point level, it dipped again on Friday and ended at 10,652, just 76 points (0.7%) up.
Major US growth shares, like Tesla, are still having a tough time. The electric vehicle maker’s stock fell 16% over the week.
There’s not much company news coming on Monday, but a couple will deliver important updates. In the FTSE 100, student accommodation provider Unite Group will bring us a trading update. The Unite share price has fallen 24% in the past 12 months. Sirius Real Estate, in the FTSE 250 will also release a trading update.
Waste management firm Biffa is scheduled to pay out its final dividend Monday. And the Henderson Smaller Companies Investment Trust will do the same.
Sports betting firm Entain will bring us a trading update on Thursday, and it should give us some feedback on where discretionary spend on gambling is going. It’s probably not upwards, judging by a 47% share price fall in 12 months.
Investment manager Rathbone Brothers is set to deliver an update Thursday too, in a tough investment environment. The shares are down 11% over 12 months.
Much of last week’s later weakness possibly stems from the OPEC+ production cut, as we see the price of oil rising. A barrel of Brent Crude is up at $97 now. And Goldman Sachs has already lifted its price forecasts and sees it reaching $110 this quarter.
Markets could well remain jittery until we see oil steadying at a new level.