MARKET REPORT

BOOKIES raced ahead in afternoon trading yesterday after the US relaxed its gambling laws, providing an opening for the likes of William Hill and Paddy Power Betfair.

The US Supreme Court has struck down a federal law which bans gambling on individual sporting events. States will now be able to choose individually whether to legalise sports betting.

Paddy Power Betfair jumped to the top of the FTSE 100 on the news, soaring by more than 12%. Shares in the betting giant closed the day 870p higher at 7,975p.

William Hill was up 30.3p to 313.1p, GVC Holdings rose 64.5p to 940p, and 888 Holdings climbed 41.6p to 312p.

Sterling was up 0.35% against the US dollar at 1.359. The pound’s rise held back the FTSE 100, which closed the day down 13.57 points at 7710.98. France’s Cac 40 was down 0.16%, while the Dax in Germany was down 0.14%.

Oil prices continued to push higher following US President Donald Trump’s decision to exit the Iran nuclear deal, raising the prospect of supply declines in the region.

Towards the end of the session, Brent crude prices were 1.33% higher at $78.02 per barrel.

The biggest risers on the FTSE 100 were Paddy Power Betfair up 870p to 7,975p, Coca-Cola HBC up 51p at 2,571p, Mediclinic International up 13.4p to 704.6p and Shire up 74.5p to 4,137p.

The biggest fallers on the FTSE 100 were G4S down 7.5p to 262.9p, Royal Mail down 17.2p to 613.8p, BT Group down 5.2p at 211.8p and ITV down 3.9p at 168.1p.