London stocks closed lower on Thursday (May 19) as investors around the world worried about the impact inflation has on global economic growth and listed company profits.
The FTSE 100 London Stock Exchange closed at 7,302.74, down 135.35, or -1.82%.
The London Stock Exchange fell in line with global stock markets. Meanwhile, the appreciation of the pound weighed on exports and consumer goods stocks.
Unilever, Diageo, Reckitt Benckiser and British American Tobacco were down 1.7-5.3 percent, while Tesco were down nearly 4.1 percent.
Retail stocks fell. After investors sold Target shares which is a US retail company on Wednesday. after the company revealed a decline in profits And its share price fell 4.9 percent on Thursday.
The listed company’s weak earnings disclosure also dragged the market down, with Royal Mail shares falling 12.4 percent after it posted lower-than-expected full-year profits.
Oil and gas stocks fell. Because concerns about the global economic slowdown put pressure on oil prices.
In addition, data showed British inflation hit a 40-year high in April. causing concerns about the impact on consumers and economic recession
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