London’s FTSE 100 fell at the open to start the week lower, driven by a hefty 15% drop in Burberry’s share price.
It comes after the luxury fashion group announced it parted ways with chief executive Jonathan Akeroyd around three years after taking the helm. Akeroyd had been tasked with turning around the struggling business but seems to have paid the price for a sharp fall in profits last year amid wider struggles for luxury brands.
The fashion group also reported a disappointing first-quarter update, saying it expects to report an operating loss for the first half and has decided to suspend dividend payments.
Meanwhile, UK house prices dropped this month but the number of agreed sales increased 15% on a year ago, according to Rightmove data.
Market activity was said to have remained steady throughout the general election campaign, shown in part by the increase in the number of sales.