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FTSE 100 trades lower amid volatile sterling and trade uncertainty

Friday, 8th February 2019
Continuing Brexit-related moves in the pound, trade uncertainty and global growth concerns add up to an unpalatable mix for investors with the FTSE 100 down 0.2% to 7,076.82 by midday.

US futures are pointing to a downbeat end to the week on Wall Street later too.


Energy utility SSE shed 0.3% to £11.70 after it downgraded its annual earnings forecast, blaming a delay in receiving government funding to ensure reliability of electricity supplies.

London West End property investor Shaftesbury said footfall at its locations had been 'robust' over the Christmas and New Year trading period. Its shares, however, fell 0.7% to 877p.


Tech company Cloudbuy fell 7.1% to 3.25p, paring earlier heavier losses, after it forecast annual revenue to fall by a quarter, as older contracts won in 2016 were not renewed.

Alternative finance group GLI Finance tumbled 22.6% to 5.61p after it said it would close a key subsidiary due to poor performance, and warned of material writedowns in its fintech division.

Tower Resources jumped 18.9% to 1.07p amid news that a joint venture led by Total had discovered natural gas and condensate close to one of its assets offshore South Africa.

Online retailer MySale slumped 11.5% to 20.1p on announcing it would post an underlying loss in the first half, due to Australian tax regulation, product mix and inventory issues.

Smart Metering Systems said it had won a smart meter installation contract with Co-operative Energy, while forecasting an annual result in line with market expectations. Its shares shed 1.6% to 627p.

Ecuador-focused miner SolGold said it was disappointed that Cornerstone Capital Resources had so swiftly dismissed a takeover approach and that it had decided to take its offer directly to the target's shareholders. Its shares ticked up 0.7% to 35.7p.

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