FTSE Ends Nine Day Winning Streak

The FTSE 100’s nine day winning streak came to an end, as the dollar wiped out its gains, thanks to turmoil in the US.

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shareprices.com - Thursday, May 18, 2017

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The growing fears that turmoil in Washington could spell trouble for Trump’s ambitious economic plans hit the FTSE 100 hard, as the London listings are heavily weighted towards companies that take much of their earnings in dollars.

Reports have surfaced that Trump asked former FBI director James Comey to cease his probe into his former National Security Adviser, and this raises concerns that Trump is at risk of being impeached.

While the Trump fears have dominated the headlines, there have been some other big movements on the index. Drugmaker Hikma has slipped to a five month flow, after having suffered a double downgrade. Jefferies cut the company’s rating to ‘underperform’ from ‘buy’, and have lowered their price target to £14.50. This comes a week after US regulators decided that they would not approve the company’s generic version of Advair. The delay to that approval is hampering investor sentiment, while the drug company is struggling to turn around the US arm of their business.

Elsewhere in the index, Kingfisher has enjoyed a broker upgrade, as HSBC believes that the group’s plans for transformation are lower risk than their performance targets initially suggest. Meanwhile, Lloyds have recovered by 1.4p, after the government sold off the remainder of its stake in the bank, and Barclays slipped by 2.1 percent, in spite of receiving a rating upgrade from UBS.

 

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