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Bull Trader USA

London Markets: U.K. funds geared to tech retreat after Nasdaq slide

U.K. funds invested in the tech sector dropped Friday, as part of a global retreat from the high-flying sector.

The Allianz Technology Trust ATT, -2.90% fell 3% and the Scottish Mortgage Investment Trust SMT, -1.95% declined 2%.

“There is a sharp hangover being felt from the fall in the Nasdaq in New York , with Scottish Mortgage Investment Trust, which holds a raft of tech darlings like Tesla, Nio and Amazon among the biggest fallers on the FTSE 100,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

The Nasdaq Composite fell more than 2% on Thursday.

But gains for silver producers including Fresnillo FRES, +3.23%, and a rebound in aviation stocks including International Airlines Group IAG, +2.71% helped the FTSE 100 UKX, +0.12% limp into positive territory, rising 0.1% in afternoon action.

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