FTSE Gains But Pound Falters

The FTSE 100 ended Friday at a record high, but the pound’s rebound against the dollar faltered. The UK’s leading index inched up by 5.06 points, to close at a new all time high of 7,560.35. Meanwhile, the Sterling clawed back some of the 1.6 percent that it had shed against the dollar on Thursday, getting off to a strong start but slowing its gains later in the day.

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shareprices.com - Saturday, November 04, 2017

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Traders were quick to sell off the dollar at first, as non-farm payroll figures indicated that wage growth was stalling, but they returned to the dollar just as quickly after the non-manufacturing index showed a more optimistic report.

December will see a Federal Reserve meeting, where it is expected that the US central bank will increase interest rates for a fourth time. This speculation reinforced the hawkish hopes that investors have, and helped to underpin the recent gains in the dollar.

While the FTSE 100 made gains, there were some poor performers. BT lost 8.3p, continuing on from losses on Thursday, while the medical equipment company Convated dropped to the bottom of the index after falling by 2.3 percent. In the mid-caps, Just Eat made significant gains after Morgan Stanley issued an upgrade for the company, which has been performing well even in the face of competition from Deliveroo and UberEATS. Morgan Stanley believes that the market is large enough to accommodate several major players, and that the sector will be resilient in spite of the current economic climate.

 

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