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FTSE Slips for Third Straight Day

Tue, 18th Jun 2019

The fall-out from the collapse of Carillion is continuing, and is negatively impacting the FTSE 100, as the US markets saw some volatile trading, and a negative mood hit crypto-currencies too, with Bitcoin dipping to below $10,000.

The FTSE 100 has struggled since Monday. On Wednesday, the poorest performer of the day was Burberry, with the luxury retailer shedding 9.3 percent after reporting another difficult quarter. The difficulties perhaps weren’t so great as to warrant the huge slip in the share price. The company has seen a two percent decline in retail sales. It’s possible, then, that the shares will recover soon.

The best performer of the day was Deltex Medical Group, which gained 90 percent, up to 2p, in the smaller caps. The company benefited from acquiring a new hospital account for their oesophageal Doppler monitoring device.

Bitcoin shed more than $2,000, to dip below $10,000, although it recovered slightly later in the day. Ethereum and Ripple, two other major currencies, also slipped. Commentators suspect that the mainstream speculators that jumped in to boost cryptocurrency prices are now jumping ship as concerns mount about regulatory crackdowns in some of the major world economies. This is not likely to be the ‘end of the road’ for Bitcoin, but the speculative nature of the rally last year is becoming apparent, and the recent crashes will likely discourage those who were previously looking at the currencies only because there was some easy money to be made.

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