Pound Falters on Manufacturing Results

The pound lost some ground after the latest manufacturing survey was published. Markit/CIPS manufacturing data showed that growth was slowing. The index read 54.2 for March, down from 54.5 during February.

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shareprices.com - Tuesday, April 04, 2017

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The figure, being above 50, still implies some growth - however it was weaker than expected, and this weighed on the sterling.

The pound was down by 0.4 percent against the dollar and was also lower against the Euro, at 1.1738 dollars. This was not enough to make any significant impact on the index, however, with the FTSE 100 remaining relatively flat for the day - down by 1.98 points, to 7,320.94.

ITV was one of the poorer performers of the day, down by 2.5 percent after the broadcaster’s shares gave up some of the gains that had been seen during the last week, following bid speculation.

Meanwhile, shares in BP were up by one percent. The oil giant said on Monday that it had sold one of its North Sea pipeline systems for $250m.

The biggest mover of the day, however, was Imagination Technologies, which saw its shares down by 62 percent after the tech giant Apple said that it would be ending a deal to use its products. Apple is Imagination’s biggest customer so the loss of royalty payments will be a huge struggle for the company. Imagination currently relies on Apple for around half of its revenues, and the US giant is using the UK company’s chip technology in its iPhones, iPods and iPads.

 

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