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Market Wrap - Market Open

FTSE falls as Trump healthcare failure sees dollar dive

27 March 2017 09:05

London stocks opened heavily lower with more than 90 blue chips losing ground as the dollar dived against sterling in the wake of US President Donald Trump failing to get his healthcare bill through Congress on Friday.

This was in a week that would see UK Prime Minister Theresa May trigger Article 50 of the Lisbon Treaty to being UK-EU divorce talks.

Not long after the market's open, the FTSE 100 was down 61.72 points, or 0.84%, to 7275.10, while the FTSE 250 was down 93.53, or 0.49%, to 18,886.9. Sterling was up almost three-quarters of a percent against the dollar, while safe-haven gold rose by a similar amount.

Most sectors were being sold in early deals, with the FTSE 100 having enjoyed a run-up on the so-called 'Trump effect' and sterling weakness. Babcock International (BAB) led the pack lower with a fall of 4.36% to 876.5p, and was followed by International Consolidated Airlines (IAG), down 3.5% to 530.25p.

Miners such as Glencore (GLEN), down 2.84% to 310.68p, Antofagasta (ANTO), down 2.17% to 812.5p, and Anglo American (AAL), down 1.92% to 1228.5p. Gold-sensitive stocks Randgold (RRS), up 2.55% to 7342.5p, and Fresnillo (FRES), up 1.88% to 1574p, rose with the yellow metal.

Banks including Barclays (BARC), down 2.37% to 221.58p, and Lloyds (LLOY), down 2.45%, led others in the financial sector, while insurers were guided by Prudential (PRU), down 1.76% to 1690p. Commercial property fell after Land Securities (LAND), down 1.37% to 1040.5p.

Also lower were supermarkets, house builders and US rates-sensitive utilities. In the news, BT (BT.A), down 1.72% to 320.05p, has been fined more than £42m following an Ofcom's investigation into the historical use of 'deemed consent' by the group's Openreach business.

Old Mutual (OML), down 0.2% to 222.05p, has agreed to sell a 24.95% shareholding in OM Asset Management (OMAM) to HNA Capital US in a two-step transaction for gross cash consideration of about $446m.


Falcon Acquisitions Ltd's (FAL), up 29.82% to 18.5p, shares have started trading on the London Stock Exchange's Main Market and the company has raised £4m through a placing to to support its rapid growth strategy.

Exova (EXO), up 14.22% to 250p, has noted recent speculation and confirmed that it has received proposals from Element Materials Technology, Jacobs Holding AG and PAI Partners SAS regarding a possible cash offer for the company.

Eqtec (EQT), down 15.22% to 4.88p, said H1 operating losses at the company, formerly REACT Energy, rose to €450,143, up from €117,693 last time. Revenues fell to €105,464, from €131,031, and the pretax loss of €748,003, up from €411,794.


Premier African Minerals Ltd (PREM), down 11.54% to 0.58p, has successfully raised £2.01m in a 34% oversubscribed offer at 0.5p a share.

Galileo Resources (GLR), up 10.2% to 6.75p, has noted an announcement by Orogen Gold - the company's joint venture partner in the Silverton gold property in Nevada - that it planned to sell all its mineral exploration interests.

Beowulf Mining (BEM), down 8.86% to 9p, has completed an intense five week drilling programme at its Aitolampi prospect in Finland. Gama Aviation (GMAA), down 7.4% toi 206.5p, revenues rose 12.6% to a record $432.4m in the year to the end of December.

Quardrise Fuels (QFI), up 6.1% to 8.35p, has marginally widened its H1 pretax loss to £2.43m, from £2.35m. Revenue was £68,000, from £2000. Sirius Petroleum (SRSP), up 4.79% to 0.88p, has executed a contract with Polaris Consulting Company, which has been engaged to undertake a Seabed Survey around the Ororo field licence area.

Inspired Energy (INSE), down 4.38% to 16.38p, adjusted pre-tax profits rose by 38% to £7.02m in the year to the end of December. Revenues were up 42% at £21.51m and adjusted EBITDA rose 45% to £8.26m.

Circle Holdings (CIRC), up 4.05% to 22.5p, has won a five-year contract with Greenwich Clinical Commissioning Group for the management and provision of musculoskeletal services in the borough.

GAN (GAN), up 3.42% to 30.25p, has launched Simulated Gaming for one of the longest-standing Native American casino operators in America at the Turning Stone Resort Casino property. Turning Stone Resort Casino is a major destination for residents of central New York State and has been operational since 1993.

Other stocks in the news included DP Poland (DPP), YouGov (YOU), Greencoat UK Wind (UKW), Wood Group (WG.), Amerisur (AMER), IMImobile (IMO), Trading Emissions (TRE) and Botswana Diamonds (BOD).

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