FTSE 100 Slips As Oil Prices Fall

Shares in oil miners fell, hampering stock prices in the main UK markets, and leading the FTSE 100 to slip by 8.5 points on Thursday. Royal Dutch Shell and BP both inched up slightly, outperforming others in the sector, while the price of oil struggled to remain above $45 a barrel.

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shareprices.com - Friday, June 23, 2017

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Oil prices have been dragged down by a glut of supply globally, as the OPEC cartel is working to limit production and drive up prices, but those outside of the cartel continue to flood the market.

Pharmaceuticals company Shire was one of the top performers in the market, gaining 3.7 percent, in part because the European Medicines Agency validated the company’s marketing authorisation application for Veyvondi, a drug which can help to treat Von Willebrand disease - a hereditary bleeding disorder.

Meanwhile, outside of the FTSE 100, shares in Imagination Technologies increased by 16% after it put itself up for sale. The company is currently in dispute with its biggest customer, the consumer technology giant Apple, after Apple announced that it will be stopping the use of Imagination Technologies’ components in its products.

In the currency markets, the pound has fallen by 0.1 percent against the dollar, and has gained 0.08 percent against the euro. The slip in the value of the pound is something that could boost the FTSE 100 in the medium term, as many of the companies that are listed in the FTSE 100 take their earnings in foreign currency.

 

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