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Pound rallies on weaker than expected US inflation data

14 July 2017 16:55

US inflation data failed to match expectations, leading to a 1% boost for the pound against the dollar.

This had a direct impact on the FTSE 100 as many of its constituents benefit from a weaker pound due to overseas sales.

The biggest losers on the blue-chip index was Primark owner Associated British Foods (ABF) and high street bank HSBC (HSBA), down 2.1% and 1.4%, respectively.

At close, the FTSE was 0.5% lower at 7,378.

Brent crude oil gained 0.7% to $48.75 per barrel. Gold and copper rallied 0.8% to $1,225 per ounce and $5,908 per tonne.

FTSE 100 RISERS AND FALLERS

In corporate news, support services firm DCC (DCC) reported in line trading across the business during the first quarter to 2017. The share price was 1% down at £70.

FTSE 250 RISERS AND FALLERS

Laptop and mobile phone seller Dixons Carphone (DC.) disposed of its entire holdings in The Phone House Spain, Connected World Services Europe and Smarthouse to Global Dominion Access for €55m. The decision failed to spark the stock, which dipped 1.7% to 260p.

The appointment of HSBC as a joint financial advisor and corporate broker by troubled Carillion (CLLN) provided a share price rise of 1.2% to 56.1p. On Monday, a profit warning from the construction services firm triggered a 35% crash in the stock.

In the recruitment sector, Hays (HAS) expects full year operating profit to marginally beat market forecasts thanks to continued growth in fees in the quarter to 30 June. Despite the good news, the share price was unmoved at 167.6p.

It was a 'busy and successful' start to the new financial year for Workspace (WKP) as the company benefitted from robust customer demand, helping the share price advance 1.5% to 884.5p.

SMALL CAP RISERS AND FALLERS

Investors were unhappy that short-term profitability would be depressed at Prophotonix (PPIX) thanks to planned further investments in personnel, capital and product development. Over a quarter of the company's market value was wiped off.

The market was spooked by financial services firm Ramsden's (RFX) announcement that there was 'unauthorised access to its IT systems.' The company said it was working with third-party experts to take appropriate actions, but this did not prevent a 2.4% drop in the stock to 144p.

Story provided by StockMarketWire.com

Related Company: DCC

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