Pound Falls on GBP Data

The UK’s leading index fell to a three week low on Thursday, as hotel owner Whitbread suffered from a number of negative comments from brokers, while Antofagasta was dragged down as well following a disappointing earnings update.

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shareprices.com - Thursday, October 27, 2016

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Whitbread

The FTSE 100 closed down by 0.9 percent, after slipping to its lowest point since October 3rd. It remains, however, up by about 11 percent on the year.

Whitbread fell by 4.6 percent, making it the poorest performer in the FTSE 100, after Kepler Ceuvreux, Canaccord Genuitiy and Credit Suisse all cut their price targets for the company, a day after it had reported slowing growth in sales.

Analysts at UBS said that while they had faith in Whitbread’s new CEW, the market backdrop overall is a tough one, and they have cut their 2018 earnings per share estimate for the brand by five percent.

In other news, basic resources stocks are struggling. Antofagasta suffered a 3.2 percent fall after the company said that it had seen its output for the year come in at the bottom end of its guidance figures. The miner also forecast lower output for next year.

Meanwhile, equity indices are lower across the board, and the decline in commodities is taking a toll on the company. Analysts are warning investors that while the markets may be well supported, for now, the current set up is not one that suggests that the markets are about to make gains, especially with the potential for a fed rate hike.

 

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