Scottish Jitters Hit FTSE

The FTSE 100 slipped by 20.33 points, down to 6834.77 on Monday, as investors remained worried about the forthcoming Scottish independence vote. Concerns that a Yes vote had pulled ahead in the polls for the first time placed pressure on Lloyds Banking Group and Standard Life, two companies with links to Scotland.

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shareprices.com - Tuesday, September 09, 2014

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Lloyds Banking Group

In addition, talk of a delay to sanctions against Russia, as well as poor Chinese trade data, pulled the UK's leading index down. However, there were some strong performances in the index. Chip maker Arm put forward a particularly strong performance, gaining 24.5p after a positive note from Deutsche Bank, who was optimistic that the company would get a large royalty payment following the launch of Apple's new product line.

The biggest faller of the day was Associated British Foods, the owner of Primark. The company lost 152p as investors became concerned that while the fashion retail chain was doing well, the company's sugar division was not. The recent strength of the Sterling is placing pressures on the profits of the sugar company, as are lower prices and lower trade volumes. Forecasts for next year are already lower than last year's.

Lower in the market, Nostra Terra saw its share price climb 0.4p, thanks to the news of its acquisition of some oil assets in Wyoming. Investors hope that this announcement will soon be followed by news of prospects in Colorado and Texas. The company already has several assets in the USA and is thought to have aggressive expansion plans.

 

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