LONDON MARKETS: FTSE 100 Ends Lower As Brexit Work Gets Under Way
March 30 2017 - 12:22PM
Dow Jones News
By Carla Mozee and Sara Sjolin, MarketWatch
U.K. stocks ended a choppy day in negative territory on
Thursday, pressured by a rally for the pound as the British
government cracked on with the process of leaving the European
Union.
The FTSE 100 index fell 0.1% to close at 7,369.52, its first
loss in three sessions.
The small pullback came as the pound jumped to $1.2489 from
$1.2435 late Wednesday in New York, recovering from Wednesday's
losses that came after the U.K. government handed in its formal
letter stating its intent to exit from the EU.
"With the triggering of Article 50 failing to spark a major
catastrophe (beyond, you know, Brexit itself) it appears investors
are willing to allow the pound to return to the highs it saw at the
start of the week," wrote Connor Campbell, financial analyst at
Spreadex, in a note.
The U.K. government on Thursday published a White Paper, dubbed
the "Great Repeal Bill"
(http://www.marketwatch.com/story/brexit-uk-reveals-great-repeal-plan-to-replace-eu-laws-2017-03-30)
to discuss how it will implement legislation aimed at converting
exiting European Union law into U.K. law.
Read:Brexit--here's what happens now that the U.K. has triggered
Article 50
(http://www.marketwatch.com/story/brexit-heres-what-happens-now-that-the-uk-has-triggered-article-50-2017-03-29)
And see:'We already miss you,' EU president Tusk tells U.K.
after Brexit letter
(http://www.marketwatch.com/story/we-already-miss-you-eu-president-tusk-tells-uk-after-brexit-letter-2017-03-29)
Movers: Ashtead Group PLC (AHT.LN) rose 2.4% to the top of the
FTSE 100 after coverage of the equipment-rental company was started
with a buy rating at Liberum, with a GBP19.40 price target.
"The upside potential from increased rental penetration in the
U.S. market is yet to be fully reflected in Ashtead's share price,
in our view," said Liberum analyst Rahim Karim in a note.
SSE PLC shares (SSE.LN) fell 1.6% after the gas and electricity
supplier said lower operating profit from its networks unit
(http://www.marketwatch.com/story/sse-lower-networks-profit-to-weigh-on-dividend-2017-03-30)
would weigh on its dividend cover.
London Stock Exchange Group PLC (LSE.LN) advanced 0.9% as the
exchange operator said it plans to buy back shares worth a total of
GBP200 million. The move comes after the company's $28 billion
planned merger with Deutsche Börse AG was blocked Wednesday by the
European Union's antitrust watchdog.
(http://www.marketwatch.com/story/eu-blocks-lse-deutsche-borse-merger-2017-03-29-54851952)
Imperial Brands PLC (IMBBY) ended up 0.4% after the tobacco
maker maintained its fiscal 2017 earnings target
(http://www.marketwatch.com/story/imperial-keeps-earnings-target-to-invest-300-mln-2017-03-30)and
said it would invest an additional 300 million pounds ($374.1
million) in the current year.
(END) Dow Jones Newswires
March 30, 2017 12:07 ET (16:07 GMT)
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