FTSE Close: Burberry sinks on profit warning while blue-chip index ends higher

The FTSE indices closed the week on a positive note Friday, with the FTSE 100 finishing up 0.6%, at 7,624.93. The FTSE 250 also rose 0.5%, to 19,197.62.

Luxury retailer Burberry was the worst hit in the FTSE 100, plunging 4.8% to the bottom of the index after the fashion brand cut its full-year adjusted operating profit forecast by over a third amid slowing high-end demand. Burberry said it now expects profit between £410-460 million, compared to £634 million last year. This comes despite reaffirming medium-term sales growth targets.

JD Sports was the top gainer in the FTSE 100 following analyst upgrades, with shares rising 3.8%.

Among FTSE 250 names, engineer John Wood Group saw its stock jump 4.2% after stating that 2023 trading was in line with views and that new contract wins will spur further growth. It expects revenue to rise 10% to around $6 billion for the year ended December 31.

On London’s AIM index, clean energy firm Ceres Power fell 4.2% after RBC Capital downgraded it to ‘underperform’ from ‘sector perform’. At the closing bell, the AIM All-Share sat 0.6% higher at 749.06, though it still posted a 0.2% decline for the week.