FTSE Loses Ground But Carney Hits Pound

Friday, 20th April 2018

The top performer of the day was Mediclinic International, while the poorest performer of the day was Reckitt Benckiser. Mediclinic gained 2.73 percent, while Reckit Benckiser announced that earnings had missed sales estimates, and the news dragged the company down by 6.24 percent.

Like for like sales were up by 2 percent, but traders had been expecting a jump of 2.6 percent. The company says that it is still on track to achieve total sales growth of between 13 and 14 percent per year, but that the current trading environment is challenging.

The Sterling lost ground against the Euro after BoE governor Mark Carney said that interest rate increases were ‘likely’ this year, but that they could be delayed given the uncertainty around Brexit. Consumer Price Inflation fell to 2.5 percent in March, which is the lowest rate in a year. UK retail sales fell by more than expected over the course of the month as well. Carney’s comments have reduced any optimism about a rate increase this Spring, which has left the markets aware that the Central Bank could increase rates at any time during the year, but that the odds of one coming in May, as expected, were slim.

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