24/10/14 Market Movements

Market News

The FTSE100 closed down 30.42 points at 6,388.73,  snapping a three-day gain that led the index to post its biggest weekly rally in two months.

Pearson was the biggest decliner of the day in percentage terms, down 4.19% after announcing Chief Financial Officer Robin Freestone will step down next year.

Despite todays retraction, the FTSE 100 has gained 1.2% this week and has rebounded from its longest streak of weekly losses this year. The gain was spurred by encouraging earnings from Asos Plc (ASC) and GlaxoSmithKline Plc aswell as a surprise expansion in European manufacturing that signaled stronger growth in the region.