FTSE Retreats After Barcelona Attacks

After briefly making some gains earlier in the week, the FTSE 100 retreated again following the news of terrorist attacks in Barcelona. The ongoing tension between US president Donald Trump and the North Korean leader Kim Jong-un has, at least temporarily, cooled, but investors were pushed back to traditional safe-haven assets anyway as a terror attack in Las Ramblas, Barcelona, led to 13 deaths an injured numerous others.

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shareprices.com - Saturday, August 19, 2017

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The FTSE 100 slipped by 1 percent following the news, while the S&P 500 is down by 1.5 percent, after the White House was forced to issue a statement denying that Gary Cohn, Trumps economic advisor, had resigned.

EasyJet and International Consolidated Airlines, the owner of British Airways, both fell by two percent, while InterContinental Hotels, which owns both the Holiday Inn chain and Crowne Plaza brand, fell by 1.6 percent. Meanwhile, TUI travel shed 0.34 percent, however that still left it up by 8 percent compared to the start of the week.

Standard Life Aberdeen was one of the stronger performers of the day, gaining 4.4 percent after being given an upgrade by analysts at Barclays. Glencore gained 5.4 percent, and other strong performers included Mondi (up 4.4 percent), Micro Focus (also up 4.4 percent) and Old Mutual, up 4.1 percent.

One of the poorest performers of the day was Admiral. The insurer lost 8.4 percent after its half-year results were overshadowed by the change to the Ogden discount rate. This controversial issue cased some read across to other rival insurers, with Direct Line shedding three percent.

 

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