FTSE 100 slides as pound rises

Tom MarkLast Update : Friday 23 June 2017 - 9:45 AM
FTSE 100 slides as pound rises

UK shares lost ground as trading got under way on Friday but the pound climbed against the dollar.

The benchmark FTSE 100 index fell 33.39 points to 7,405.90.

Pharmaceutical firms were among the biggest fallers in the index, with Shire down 1.9% and AstraZeneca dropping 1.3%.

Broadcasting company ITV was the biggest riser in the FTSE 100, up 2.3% after Morgan Stanley raised its rating on the company to “overweight”.

In the FTSE 250, shares in Domino’s Pizza fell nearly 7% after analysts at Berenberg cut their rating on the company to “hold”.

On the currency markets, the pound climbed back above the $1.27 mark, rising 0.4% against the dollar to $1.2730. Against the euro, sterling rose 0.2% to 1.1398 euros.

The FTSE 100 often falls when the value of the pound rises. This is because many firms in the index have significant operations abroad, and a stronger pound means that earnings from overseas are worth less when converted back into sterling.

Source: business

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2017-06-23 2017-06-23
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Tom Mark