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Market News

07 Nov 2018 | 12:01

Dollar weakness post midterms helps boost FTSE

By midday the FTSE 100 remained on course for a strong day's trading up 1.1% to 7,120.39. A fall in the dollar post the result of the US midterms helped.

Dollar-denominated commodities will effectively be cheaper to buy and this is boosting resources stocks and providing a boost to the index on a busy day for corporate news.


Marks and Spencer fell 2.6% to 294.8p as investors looked past an unexpected rise in first-half profit and focused on falling sales at both its clothing and food divisions.

Home builder Persimmon dipped 0.3% to £23.49 after it announced that chief executive Jeff Fairburn would stand down due to controversy surrounding the size of his pay packet.

Persimmon also provided a third-quarter trading update, that showed private sales had risen 3% while prices remained 'firm'.

Fellow house builder Redrow said its sales rate in the year-to-date had fallen due to Brexit uncertainty hurting the London property market. Its order book grew 11% but its shares fell 3.9% to 543p as it announced the retirement of executive chairman and founder Steve Morgan next year.

Television broadcaster ITV slumped 4.7% to 147p on the back of a warning that advertising revenues would be flat for the full-year.

Pub chain JD Wetherspoon dropped 10.1% to £11.79 as it warned its full-year performance would be below that of last year amid rising input costs.

Cyber-security company Sophos tumbled 26% to 337.8p despite swinging to a first-half profit, as its underlying earnings were hurt by lower margins and disappointing sales.

Security company G4S slumped 14.2% to 185.6p as it warned full-year profits would be flat after third-quarter revenue fell.

Dairy Crest was flat at 447.4p as strong sales of its cheese and spreads brands underpinned a 13% rise in first-half adjusted profit.

Wizz Air gained 3.8% to £27.69 despite cutting its annual earnings guidance amid costs associated with industrial action by European air-traffic controllers and a higher fuel bill.


Luxury handbag maker Mulberry ticked up 2.3% to 318.25p despite soft retail conditions and the collapse of the House of Fraser department store chain sending it to a deeper first-half loss. Story provided by
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