LONDON MARKETS: FTSE Marks Back-to-back Stumbles As Pound Rises Amid Brexit Developments
19 Novembre 2018 - 07:42PM
Dow Jones News
By Mark DeCambre, MarketWatch
Theresa May has so far retained her role as prime minister
London's main stock index Monday finished lower to start the
week as the British pound firmed with the vagaries of Brexit
politics.
How are markets performing?
The U.K.'s FTSE 100 closed down 0.2% to 7,000.89. The index on
Friday logged a weekly loss of 1.3%. Meanwhile, the midcap FTSE 250
Index declined 0.3% to 18,540.09.
The pound was last trading at $1.2859, up 0.2% from $1.2833 late
Friday in New York.
What drove stocks?
Sterling's move comes as U.K. Prime Minister Theresa May
survived the weekend without a direct challenge to her leadership,
as she attempted to follow through with contentious plans to see
Britain's exit from the European Union. The prime minister has
warned that attempts to oust her would only delay Brexit efforts in
a Sky News interview
(https://news.sky.com/story/theresa-may-tells-rebels-threatening-a-leadership-challenge-they-may-delay-or-stop-brexit-11557192).
Last week, key resignations raised questions over the future of
the agreement, which was approved by a split cabinet on Wednesday,
along with concerns about political stability and possible fallout
for the economy.
A stronger pound versus other main rivals, can provide a
headwind for multinational companies that do the bulk of their
business abroad. About 80% of components of the FTSE 100 derive
their revenues from abroad.
Read:Here's how Brexit turmoil could become a problem for U.S.
and global investors
(http://www.marketwatch.com/story/heres-why-brexit-turmoil-is-a-source-of-worry-for-us-investors-2018-11-15)
What stocks were active
Shares of Ashtead Group PLC(AHT.LN) fell more than 4% to lead
FTSE 100 losers, while Fresnillo PLC's stock(FRES.LN) advanced 3.6%
to pace gainers on the day.
(END) Dow Jones Newswires
November 19, 2018 13:27 ET (18:27 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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