FTSE 100 Drifts Lower As Retail Sales Disappoint

(RTTNews) - U.K. stocks were moving lower on Friday after data showed retail sales plunged more than forecast in March.

Retail sales dropped 1.4 percent on a monthly basis, largely due to the 7.9 percent fall in non-store retailing. Sales were forecast to fall 0.3 percent after a revised 0.5 percent decrease posted in February.

Another survey showed a measure of consumer confidence in the country dropped to a near historic low in April due to concerns over rising inflation and interest rates dampened household finances. The corresponding index declined to -38 in April from -31 in March.

The benchmark FTSE 100 was down 0.6 percent at 7,580 after finishing marginally lower on Thursday.

Banks Standard Chartered, Lloyds Banking and HSBC Holdings were down between 0.6 percent and 1.5 percent.

Mining giant Anglo American fell 2.7 percent, a day after lowering its output guidance.

Ukraine-focused miner Ferrexpo rallied 2.2 percent after it posted a higher annual pretax profit.

Ventilation systems manufacturer Titon Holdings fell more than 2 percent after naming Alexandra French as CEO.