MARKET UPDATE

I spent much of the day looking at various news channels particularly the reports of the G7 FM meeting in Lucca, ending up thoroughly dismayed that ‘Worzel Gummidge’ – alias Boris Johnson – had failed to persuade Germany and Italy from proposing further sanctions on military personnel from Russia and Syria, prior to Rex Tillerson heading off ‘hot-foot’ for Russia to meet the steely-eyed and humourless Lavrov. Mind you there’s little on the agenda to be jocular about.

 

On that news the Pound lost a few cents, but the FTSE 100 decided that life could be a great deal worse and spurted on from being 26 points up to being just above the 7400 threshold before settling up 35 points at 7385 at 3.30pm.  The FTSE was probably aided and abetted by CPI coming in again at +2.3% on annualised basis. Even alleged skulduggery in Nigeria, when Shell and ENI bought fields off shore for £1 billion, did not fail to dampen the enthusiasm of investors, nor did the decommissioning of North Sea rigs send more than a tiny ripple across Shell’s share price -0.25%. BP was strong +0.5%. Consumer stocks also attracted attention with Diageo up 1% and BATS +1%. Tesco ahead of tomorrow’s numbers were up 0.7% and M&S was flat at 345p.

 

JD Sports grabbed the yellow jersey – up 7% on good numbers – eat your heart out Mike Ashley. Vedanta Resources were up 0.25% having been down 2%. Gold put in a strong session flirting with the $1260 threshold with Randgold up 4.5%. At 3.35pm the DOW was down 100 points on geopolitical concerns and thoughts that Trump may have issues getting legislation through Congress.

 

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