FTSE Slips as Pound Soars

The FTSE 100 slipped to just over 7,300, as the pound bounced back to just above $1.33. The gains came as the Bank of England voted to keep interest rates at 0.25 percent - which analysts are calling a hawkish hold.

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shareprices.com - Thursday, September 14, 2017

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In the mid-afternoon, the FTSE 100 shed almost 1 percent, or 7.04 points, down to 7,309.6, with the strong pound contributing to a large art of the fall. The Sterling moved upwards as the Bank of England hinted at the prospect of an interest rates rise in the minutes of its latest meeting. While there will not be an increase this time around, the prospect of one in the near future was cause for optimism.

WM Morrisons was one of the poorer performers of the day, being the heaviest fallers of the day, in spite of evidence that its recent turnaround is proving sustainable. The company is the fourth largest supermarket in Britain, and it racked up its seventh consecutive quarter of like-for-like growth, with sales climbing by 4.8 percent, up to £8.4 billion.

Over the last year, shares have gained close to 25 percent, but it shed 4.9 percent today, down to 233.4p.

Meanwhile, miners struggled as their share prices were hit by falling metal prices, and also poor retail sales data from China. Copper prices slipped for the third day in a row, bringing it to a one month low, and iron ore futures are down by 5.8 percent. China is the world’s biggest consumer of basic materials, so the health of their economy is a strong indicator for the prospects of ore companies.

 

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