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Pound slips back as FTSE closes in positive territory

Monday, 17th June 2019
Sterling slipped on further signs Brexiteer Boris Johnson is leading the chase to become the next PM, with a lack of new market-moving news also helping the FTSE 100 amble to gains of 0.2% on Monday at 7,363.16.

The S&P 500 was also in modestly positive territory, trading up 0.2% to 2,893.90 by 4.30pm UK time.

The airline sector suffered some turbulence following a profit warning from German carrier Lufthansa. Easyjet led the descent, down 4.5%.

Shares in packaging firm DS Smith were also under pressure, down 5.2% on a downgrade from Exane BNP Paribas.

LARGE AND MID CAP RISERS AND FALLERS0

Royal Bank of Scotland added 1.4% after it confirmed that it would collect £400m from a sell-down of its stake in Alawwal bank, triggered by the latter's merger with Saudi British Bank.

Construction company Kier shed 18% on announcing that it would suspend dividend payments, cut jobs and sell assets as part of turnaround programme to lower its debt.

Defence contractor Babcock International climbed 2% after it revealed that it had in January rejected a takeover approach from outsourcing group Serco, on the basis that it had no strategic merit. Serco shares were up 0.6%.

AstraZeneca gained 0.4% a trial showing that its chronic lymphocytic leukaemia drug had significantly prolonged the time patients live without the disease.

SMALL CAP RISERS AND FALLERS

Recruitment and training company Staffline slumped 44% after it said it would scrap its dividend and raise £37m from a share issue to cut debt, amid rising costs associated with an historical breach of UK wage rules.

Reabold Resources jumped 25.2% and Union Jack Oil jumped 18.3% after the pair reported that an appraisal well at the West Newton prospect in Humberside, UK had encountered a 65 meter oil interval.

Remote tracking technology company Starcom gained 3.4% on announcing that it was on track to grow it annual revenue and earnings in line with its expectations.

Story provided by StockMarketWire.com


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