MARKET REPORT
sion.barry@walesonline.co.uk THE pound dropped yesterday after Prime Minister Theresa May said that 95% of the Brexit deal had been agreed, but that issues including the Irish border were still not settled.
Against the US dollar, sterling was down almost 0.7% to 1.298. Versus the euro, it dipped 0.1% to 1.1311.
The FTSE 100 closed almost flat at 7,047.22 after shedding seven points, or 0.1%, during trading.
The French Cac was 0.62% lower, while the German Dax fell 0.26%.
Gambling firms took a hit from reports that Chancellor Philip Hammond is looking to crack down on offshore betting companies. Paddy Power Betfair was down 270p to 6,485p, and GVC Holdings fell by 22.5p to 937.5p.
The Treasury’s decision will offset the black hole left on its books by a limit on the maximum stakes for fixed odds betting terminals (FOBTs), due to come into force in 2020.
Meanwhile, shares in NMC Health led the FTSE 100 risers, climbing 170p to 3,200p after the company upgraded its expectations for the year.
It now expects revenue to grow by 24%, which is 2% higher than a previous estimate - and earnings are forecast to be $480m.
“Overall this represents good news for investors,” said Ian Forrest, investment research analyst at The Share Centre.
He added: “The confirmation that the company remains on track to achieve a 25% profit margin by 2021, and still has the benefit of a large joint healthcare venture with the Saudi government to come, is also very positive for investors.”
In Dublin, Ryanair shares were flying higher after there was no further downgrade to earnings expectations in yesterday’s half-year report.
The Irish carrier booked a 9% decline in pre-tax profits to €1.3bn (£1.1bn) in the six months to September 30.
A barrel of Brent oil was trading 0.5% lower at 79.59 US dollars.
The biggest risers on the FTSE 100 were NMC Health, up 170p to 3,200p, Royal Mail up 14.5p to 358.9p, Easyjet up 36p to 1,104p and Rightmove up 11.35p to 433.7p.
The biggest fallers on the FTSE 100 were Paddy Power Betfair, down 270p to 6,485p, Wood Group, down 20.6p to 710p, Rentokil Initial down 8.3p to 295.5p and GVC Holdings down 22.5p to 937.5p.