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Market Wrap - Midday

Stronger pound pummels FTSE after jump in far-right support during German election

25 September 2017 11:51

Sterling continued to strengthen against the euro and dragged on the FTSE 100's performance, which was trading 0.2% lower at 7,296 around midday.

The blue-chip index derives 70% of its earnings overseas so a weaker euro could have a detrimental impact.

Investors were worried that a surge of support for the far-right AfD party would make it more difficult for German chancellor Angela Merkel to reform the eurozone, resulting in a weaker euro.

Financial firms and miners struggled, with Standard Chartered (STAN) and Anglo American (AAL) leading both sectors lower with a fall of 1.9% and 1.3% respectively.

Brent crude oil rose 0.8% to $57.30 per barrel. Gold was unmoved at $1,293 per ounce and copper drifted 0.3% to $2.92 per pound.


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 stock was unmoved at £26.73.

Shares in addiction specialist Indivior (INDV) were lifted 0.9% to 328p 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 795.3p.

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 5.3% to 187.8.

Real estate investor Shaftesbury (SHB) dipped 0.1% to £10.11 on a warning that economic uncertainty is dampening demand for its larger properties.

Hurricane Maria hit Essentra (ESNT) pretty hard as it shut down two packaging sites in Puerto Rico. Unfortunately, several obstacles were flagged, which are expected to prevent the sites re-opening in the immediate future. Shares in the distributor were down 1.2% to 500p as Essentra is expected to recover a significant amount of the £0.5m to £0.75m a week costs resulting from the closures from its insurer.


Communications tech company Imagination Technologies (IMG) agreed to sell its worldwide MIPS CPU business to Tallwood MIPS for $65m in cash, triggering a 29.3% share price rally to 166.1p.

A confident outlook and hiked dividend at housebuilder MJ Gleeson (GLE) pushed the share price 4.1% higher to 645p. Pre-tax profit was up 17% to £33m in the year to 30 June 2017.

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