FTSE Reverses Losses

The FTSE 100 reversed its early losses, to end the day above 7,300. A major part of the gains came from Theresa May’s speech on Britain’s Brexit plans.

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shareprices.com - Saturday, September 23, 2017

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The FTSE 100 shed some points during early trading after North Korea threatened to test a hydrogen bomb over the Pacific. The pound slipped by 0.4 percent versus the dollar, and 0.5 percent against the euro, while markets reacted to the PM’s speech in Florence.

May said that she was hoping for a two year transition period after the Brexit deadline, during which time trade would continue on current terms. Analysts welcomed this but were disappointed that she did not give concrete information about budgets, border issues, or rights for existing EU citizens. She also did not elaborate on how the UK could retain access to the single market.

Smiths Group was one of the biggest movers of the day, shedding 5.6 percent in spite of the conglomerate reporting that there had been a 17 percent rise in profits, up to £528 million for the year leading up to the 31st July.

Analysts focused on Smiths’ fall in underlying revenues, and called it disappointing.

Another major gainer was Johnson Matthey, who gained 1.2 percent, following on from a colossal 14 percent gain on Thursday. Investors had cheered the company for its full-year sales figures, and the announcement of a plan to invest £200 million in developing battery materials that would allow it to benefit from the growth in popularity of electric cars.

 

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