Ftse Fails To Maintain Post-covid Highs Due To Strong Pound

Market report

The london stock exch an ge’ s leading index dropped off from its post-pandemic highs reached on friday but managed to remain above the psychologically important 7000- point barrier.

Theft se 100 closed the day down 19.45 points at 7000.08 having crossed the threshold on friday for the first time since the pandemic hit, wiping off 10% of the index’s value.

An ea sing of lock down restrictions helped matters, retailers enjoyed the best of the spoils.

Shares ins a ins bury’s, tesco ocado, b & m, king fisher and P rim ark owner associated british foods were all in the top 10 risers.

A strong pound played its part in knocking back the index, with sterling reaping the benefits of currency traders in the us selling off the US dollar over inflation fears.

Con nor campbell, financial analyst at spread ex, said :`` the pound went on at earth is monday, using a quiet session to indulge in some economic optimism following the first weekend under the latest set of eased restrictions in the UK.

“Sterling was especially strong against the dollar but then again, what wasn’t this afternoon?

“The green back is having a minor tantrum over the federal Reserve’ sin si st enc et hat rising inflation will only be temporary, and therefore that the central bank won’ t be taking any action to combat it .’’ as markets in europe closed, the pound was up 1.03% at 1.398 dollars.

It was also up against the euro by 0.54% at 1.162euros as confidence over the uk’s covid roadmap kept investors positive.

The germ and ax was down 0.59% and the french ca c closed up 0.15%. in company news, mel rose industries announced plans to sell a majority of its nor tek arm to a us industrial group for £2.6b only five years after first buying the company.

Mel rose said that it had struck amadison industries over the heating, ventilation and air conditioning unit, although shareholders were less impressed, with shares down 8.25p at 170.6p.

Theft se 100 firm said that it would scale up its batteryits second plant, near the finnish city of vaas a on the country’s west coast.

Shares closed up 12p at 3,198p.

Shares in the firm closed up 0.8p at 124.6p. And hsbc boss no el quinn revealed he is scrapping the executive floor at the company’ s global headquarters inlondon, whilst introducing a more flexible work policy and hot desk ing with colleagues.

Shares in the bank closed up 0.65p at 428.1p. The biggest risers w er es a ins bury’ sup 6 pat 254.7 p; o ca do up 45 pat 2,226 p;

B&m up 10 pat 568.6 p; united utilities up 16.2 pat 973.4 p and Kingfisher up 5.4p at 360.7p.

The biggest fallers were Melrose down 8.25p at 170.6p; Fl utter down 525 pa t15, 160p; per shing square down 80 pat 2,710 p; evraz down 15.8 pat 620.6 p and scottish mortgage Trust down 29p at 1,216p.