FTSE Flat Ahead of General Election

The FTSE 100 remained flat for the first half of the day in the run up to the general election, gaining just 15.5 points during the morning’s trade. The headlines were dominated by election talk, and most of the markets were muted, although banking stocks performed well, with RBS gaining 2.5 percent, and Lloyds banking group gaining 1.6 percent. Shares in Barclays increased by one percent.

shareprices.com - Wednesday, June 07, 2017

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Analysts said that the news that the struggling Spanish Bank, Banco Popular had been bailed out by Santander had helped to boost the overall banking sector.

In other news, pharmaceutical company Astrazeneca lost 1.3 percent, after it was announced that it had sold the rights for its migraine medication, Zomig, for $302 million. Fellow pharmaceuticals company Shire fell by 1.8 percent.

Colin McLean, the manager of the UK growth fund for SVM Asset Management, said that uncertainty over the outcome of the election was so far not having a particularly big impact on investors. International stocks have not been performing well recently, and a lot of the factors that had been driving markets over the last year have started to reverse. Investors are looking at some of the companies that are now benefiting from the lower growth and deflation, and those factors are driving investment in spite of fears over the election.

In the currency markets, the pound is down slightly against the dollar to $1.29080, but has increased by 0.6 percent against the euro, up to 1.15120 euros.


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