FTSE Gains But Pound Slips Below $1.30

The FTSE 100 share index is up by 4298 points, to 6,856.53, however the pound is back to below $1.30 against the dollar, having shed 0.5 percent, to $1.2969.

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shareprices.com - Tuesday, September 20, 2016

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GlaxoSmithKline

The fall in the sterling came as investors await a decision on interest rates from the US Federal Reserve, although the chances of a rate rise appear to have fallen. The pound is the victim of some skittishness, as there are bank meetings due in both Japan and the US. Analysts expect that the Fed will be keeping rates on hold, but a rate hike has not been completely ruled out, which is something that is rattling traders.

Kingfisher’s shares gave up early gains, in spite of the DIY group’s half-year profits having been reported as being up by 13.5%, to £436 million. The company is being helped by a strong performance from its Screwfix chain. Shares in the group rose by 2 percent early in the day, but then shed those gains, to end the day down by 2.3 percent.

Shares in GlaxoSmithKline remained flat after Emma Walmsley, current head of consumer healthcare, was named as the new chief executive.

Meanwhile, in the FTSE 250, shares in IG Group are down by 3.2 percent, after the online trading company said that trading in the financial markets was becoming increasingly subdued since the Brexit vote. IG group reported that revenues were up by 5.1 percent, to £111.4 million, for the three months leading up to the 31st August.

 

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