FTSE Steady After Quiet Trade on Election Day

The FTSE 100 inched down very slightly on Thursday, shedding just 28.64 points to end the day at 7,449.98 after a quiet trading day. There was very little in terms of fundamentals from corporate themselves to get the markets moving, however laundry services company Berendsen, listed in the FTSE 250, gained 11 percent as the news surfaced that it could be the subject of a takeover bid.

shareprices.com - Friday, June 09, 2017

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Elis, a French peer, said that it had reached an in principle agreement with the company that formed the basis of a £2.2 billion offer. Meanwhile, airline Flybe reported that it had made a £20 million loss, as their previous expansion plans had proven to be too ambitious. However, the company reported that the current financial year was shaping up to be better, and this helped to bolster investor sentiment, with the airline’s shares increasing by 1.5 percent.

In the currency markets, the pound ended yesterday down by 0.14 percent against the dollar, but gained 0.2 percent against the euro. The markets were primarily interested in the election news, which appears to be showing that the Conservatives will wake up to a hung parliament, having lost several key swing seats in the general election. The Labour party have gained several seats, but not enough to give them a majority either, and forming a coalition government will prove difficult for both parties. Theresa May is likely to come under pressure from her party to resign given the outcome of the election.


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