Get 40% Off
🤑 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

UPDATE 2-FTSE gains for 4th day as investors await trade moves

Published 11/07/2019, 01:24 AM
UPDATE 2-FTSE gains for 4th day as investors await trade moves
UK100
-
BATS
-
MKS
-
DGE
-
HMSO
-
ULVR
-
BLND
-
LAND
-
INTUP
-
FTMC
-
MTC
-

* FTSE 100 up 0.1%, FTSE 250 down 0.4%
* Intu falls to bottom of smallcap index
* Mothercare has best day in almost two decades

(Adds company news items, updates to closing prices)
By Muvija M and Shashwat Awasthi
Nov 6 (Reuters) - London's FTSE 100 edged up on Wednesday,
adding to a 2% gain over the past three sessions, as investors
waited for news on U.S.-China trade talks before making further
bets, while mall operator Intu dropped on signs it may seek to
sell more shares.
The FTSE 100 .FTSE , which had been holding at a near
one-month high this week, rose 0.1%, while the FTSE 250 .FTMC
dipped 0.4% as the pound weakened slightly ahead of a Bank of
England's interest rate decision on Thursday.
The drop in the currency, however, boosted exporters British
American Tobacco BATS.L , Unilever ULVR.L and Diageo DGE.L ,
which were the best performers on the main bourse.
A standout loser in the wider London market was smallcap
Intu Properties INTUP.L , which slumped 17.1% after saying it
may need to raise additional cash.
That came along with a warning that letting activity slowed
in the third quarter as some customers delayed decisions due to
Brexit uncertainty. The company also forecast a drop in annual
rental income. The comments knocked 1%-2.5% off shares in bigger rivals
Land Securities LAND.L , British Land BLND.L and Hammerson
HMSO.L .
Global markets were held back by downbeat U.S. productivity
data and a lack of major updates on U.S.-China trade talks after
recent optimism that the world's two largest economies could
sort out their dispute as soon as this month. The FTSE 100, whose constituents book more than two-thirds
of their earnings abroad, had in August suffered its steepest
monthly fall this year when trade tensions peaked.
"A vast amount of optimism built into financial markets over
the past two weeks," OANDA analyst Jeffrey Halley said. "There
are plenty of banana skins that could slip up the story."
Mothercare MTC.L shares leapt 33% on their best day in
nearly two decades. The baby products retailer shut all its UK
stores and laid out plans to return the rest of the company to
profitability by fiscal 2021.
"There were worries that they (Mothercare) are going to go
bust, they are obviously not bust," a trader said.
Wednesday's rally helped Mothercare claw back all the losses
that followed its notice of intent to appoint administrators for
its UK operations on Monday.
In the same sector, Marks & Spencer MKS.L ended marginally
lower after jumping nearly 8% earlier in the session. It
reported a plunge in first-half earnings, but like-for-like
sales growth in its food business. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Brexit woes hammer real estate cos and mall operators https://tmsnrt.rs/32mOUcH
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.