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Market Wrap - Market Open

FTSE falls on mixed results from German election

25 September 2017 09:15

Investors were concerned over an impact on reform in the eurozone after a weaker than expected performance from mainstream parties in the German election over the weekend.

German chancellor Angela Merkel secured a fourth term but a strong jump in support for the far-right AfD party is expected to make her leadership more difficult.

Sterling strengthened against the euro, which hit the FTSE 100 as it derives 70% of its earnings abroad.

Miners were among the biggest fallers with Fresnillo (FRES) and Antofagasta (ANTO), down by up to 1.2%.

As of 9am, the FTSE was trading 0.3% lower at 7,289.

Brent crude oil slipped 0.2% to $56.74 per barrel.

Gold was stable at $1,293 per ounce and copper declined 0.2% to $2.92 per pound.

LARGE AND MID CAP RISERS AND FALLERS

Hospital operator NMC Health (NMC) received all regulatory approvals for its long-term care facility Chronic Care Specialty Medical Center in Jeddah, Saudi Arabia. The good news sparked a 0.9% rise to £26.99.

Shares in addiction specialist Indivior (INDV) were lifted 1.7% to 330p on confirmation that its US subsidiary Indivior, together with Monosol Rx, entered a settlement agreement with Mylan. The settlement concerned patent litigation related to Indivior's SUBOXONE sublingual film.

Waste management firm Pennon (PNN) was on track to deliver in-line with management expectations across its water and waste businesses, but this failed to excite as the stock was flat at 793p.

Tullow Oil (TLW) said it would work with Ghana's government to put in place necessary permits to restart development drilling in the TEN fields and expects to resume drilling around the end of 2017. Shares in the company jumped 7.6% to 190.5p.

SMALL CAP RISERS AND FALLERS

Communications tech company Imagination Technologies (IMG) agreed to sell its worldwide MIPS CPU business to Tallwood MIPS for $65m in cash, triggering a 32.4% share price rally to 172p.

Story provided by StockMarketWire.com

Related Company: NMC

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