Pound Rally Hampers FTSE 100

Europe ended the day under heavy pressure, and the strong pound has hampered the FTSE 100. Meanwhile, investors are heading into December watching Wall Street, and waiting for news from OPEC.

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shareprices.com - Friday, December 01, 2017

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The pan-european Stoxx 600 has fallen by 0.33 percent, and most sectors in the index were in negative territory. Investors are now looking to fundamentals for the rest of the week - with a key piece of news being the outcome of discussions with OPEC ministers. The cartel will be meeting in Vienna to decide on oil output policies, which will have a huge impact on the FTSE 100.

The FTSE 100 shed 0.9 percent on Thursday, with the Sterling making strong gains against the dollar Other European indices also struggled, but it was a different picture in the USA, with Wall Street enjoying a robust start.

In Europe, one of the only sectors to perform well was telecoms, which saw most companies close in the black. The construction and basic materials sectors however, performed poorly, with nickel prices weighing heavily on miners.

One of the stronger performers of the day was Credit Suisse, who gained two percent after announcing plans to boost shareholder returns. CEO Tidjane Thiam said that policymakers had been handling the current environment well. Another strong performer was Mediclinic. The company gained 4.7 percent, after enjoying a broker upgrade. In addition Euronext gained 4.2 percent after announcing plans to buy out 100% of the Irish Stock Exchange’s shares, for a value of $162 million.

 

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