FTSE looking for direction
Fiona Cincotta December 20, 2019 11:10 AM
The FTSE is seesawing with no clear direction at the end of a week that saw the index gain 6.8%, one of the largest weekly gains since mid 2017.
The FTSE is seesawing with no clear direction at the end of a week that saw the index gain 6.8%, one of the largest weekly gains since mid 2017. The slightly stronger pound played a role, helping domestic facing firms, but the market’s pre-holiday wind down mode was reflected in index’s frequent changes of tack Other European gauges are also higher boosted by a positive close on Wall Street.
NMC Health drops 11%
NMC Health is still being buffeted by a damning report from research firm and short seller Muddy Waters which questioned the financing of some of the company’s projects and reported profits and debt. Though the Abu Dhabi-based health care firm published a detailed rebuttal to the report it helped little and shares this morning dropped another 11.5% after the company had already lost almost £2bn of its value this week.
Last Brexit vote of 2020?
In what is likely to be the last Brexit vote of 2020 Parliament is due to vote on Boris Johnson's deal to leave the European Union on Friday, the deal which won preliminary approval from MPs even before the election. The pound is stronger against the dollar and the euro as for the first time since Theresa May came into power the PM’s proposal has an actual chance of being approved given that now Conservatives enjoy a large enough majority to vote it through. If there is a “yeay” later today the deal will be ratified after Christmas.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.