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Rising sterling hits FTSE

Thursday, 13th September 2018
US inflation missed forecasts and the Bank of England increased its UK growth forecast for the third quarter from 0.4% to 0.5%, pushing sterling higher.

This was bad for the FTSE 100, down 0.4% to 7,281, as the majority of its constituents' earnings come from overseas.

Among the biggest fallers were utility company SSE and Imperial Brands with declines of over 2.3% each.

Brent crude oil fell 2% to $78.12 per barrel and copper climbed 0.7% to $2.68 per pound.


Supermarket Morrisons retreated 2.1% to 260.2p as investors overlooked higher like-for-like sales by focusing on a decline in pre-tax profit from £200m to £142m in the six months to 5 August.

The World Cup tournament and an 18% jump in online net gaming sales helped gambling firm GVC offset the impact of poor weather in the first half of the year, but the stock was flat at £10.58.

Insurer Legal & General completed a £4.4bn buy-in for the British Airways pension scheme, helping the shares nudge 1% higher to 253.3p.


Shares in embattled department store chain Debenhams slumped 9.1% to 12.1p after Mike Ashley's Sports Direct ruled out a full takeover of the company.

Faron Pharmaceuticals revealed its pre-tax losses nearly doubled from €7.1m to approximately €14m in the six months to 30 June, prompting investors to mark the stock 20.2% lower to 96.5p.

There was good news from Bushveld Minerals, up 22.4% at 23.2p on a deal for a 21.2% stake in a new vanadium deposit.

Anglo Asian Mining announced plans to carry out an airborne geophysical survey over the Gedabek areas to identify additional gold and copper mineralised occurrences and generate more drill targets. Shares in the company rallied 11.7% to 47.5p.

Cell therapy group Oxford BioMedica reported operating earnings before interest, tax, depreciation and amortisation of £11.9m in the first half of the year, up from a loss of £2.1m. The stock received a 8.1% boost to 879.7p.

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