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FTSE 100 Opens Weakly

Mon, 9th Jul 2018

The FTSE 100 fell by 16 points after the opening bell, reversing the gains that had been seen during the previous trading session. The UK’s leading index tracked losses on Wall Street and in most Asian indices, with uncertainty over Trump’s plans to limit Chinese investments dominating the headlines.

The Trump administration backed off on plans to impose aggressive limitations on Chinese investment in the US yesterday, and instead supported the expansion of a Committee on Foreign Investment. The expansion plans give the government body more power to crack down on a range of different types of investment, including minority stakes in U.S firms, and real estate transactions located near to national security features such as military bases.

In other news, Stagecoach Group’s shares came under pressure as the company rebased its full year dividend, following a fall in both revenues and pre-=tax profits. Meanwhile, Hunting Plc’s shares rose after the energy services company said that it remained comfortable with the market consensus for the 2018 year. Shares in Greene King also rose, as the pub operator reported that it had seen a decline in full-year revenues and profits, but that it would be maintaining its dividend.

Synairgen Plc reported that its drug, SNG001, which is in Phase II study, is having the desired effect, boosting the antiviral defences of people suffering from COPD. Faron Pharmaceuticals has reported that they will be filing a clinical trial application for Clevegen, after having completed a successful study into the safety and performance of the treatment.

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