FTSE Weakens In Countdown To Poll

FTSE Weakens In Countdown To Poll

City Index  | Dec 11, 2019 10:44

Pre-election tensions are running high, not only in the UK political arena but also in the markets. The FTSE 100 opened a fraction higher but then slipped into the red as more UK-focused stocks such as Auto Trader Group (LON:AUTOA), Hargreaves Lansdown (LON:HRGV) and Barratt Developments (LON:BDEV) lost ground.

The top faller, however, was JD Sports (LON:JD). The firm’s largest shareholder Pentland Group sold around 24 million shares in the company causing a wider selloff that resulted in a 9.16% decline in the share price. Firmer share prices for miners and pharma companies slowed down the FTSE’s decline.

Pound nudges lower on doubts over a clear win

Less than 24 hours to go until the polling stations open and the pound is losing a little bit of ground to the dollar. Last minute headlines have slightly eroded the Conservative lead over Labour, bringing with it the prospect of a hung Parliament, and lurking in the shadows, the implied deadlock over Brexit.

Oil corrects slightly while Aramco (SE:2222) soars at IPO

Brent crude has moved up to trade in a slightly higher channel since the OPEC meeting last week but this morning prices have slipped to the bottom of the new range, just above $64.

The long-awaited listing of Saudi Arabia’s Saudi Aramco (SE:2222) on the Riyadh stock exchange went with a bang as shares soared and reached their 10% daily limit early in the session. For the moment Aramco will play a positive role for oil prices but the bigger crunch will come next week when the US has to decide on new China tariffs.

Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient.

Any references to historical price movements or levels is informational based on our analysis and we do not represent or warrant that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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Babubhai Patel
Babubhai Patel

i think.market will little better   ... (Read More)

Dec 11, 2019 11:37 GMT· Reply
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