UK FTSE Opens to Muted Trading

Following the publication of the latest monthly shops survey, the FTSE 100 got off to a muted start, gaining just six points during early trading. Analysts had predicted a stronger performance, following the trends of the Asian and Wall Street markets.

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shareprices.com - Tuesday, November 07, 2017

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Marks & Spencer Group

Shares in Next and Marks & Spencer performed poorly, as the survey results showed that clothing sales were among the worst affected in an already poor industry. The FTSE’s biggest casualty, however, was G4S. The security company said that revenues for this year would be poorer than expected. Meanwhile, Direct Line shed two percent after announcing that it had seen a decline in household premiums, and saying that may be booking a charge relating to implementing new systems.

Outside of the FTSE 100, Nasstar gained 7 percent after the cloud computing company announced that it has gained a contract that is predicted to be worth £2.1 million over three years.

Overnight, Asian markets made some strong gains, as did the S&P 500 and the Nasdaq. The Asian markets benefited from a rally in iron ore prices, white the Nikkei in Tokyo soared to levels that have not been since in almost 25 years. Interest rates are low in Japan right now, and the markets are quite low risk for investors to enter into, given the current strength of the economy. Analysts were predicting that the FTSE 100 would add 25 points during early trading, and there is still hope for gains later in the day.

 

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