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The FTSE 100 index has started the week in negative territory, pressured by a stronger pound and protectionism concerns following US President Donald Trump’s inauguration speech on Friday. Paddy Power Betfair (LON:PPB) meanwhile has fallen to the bottom of the blue-chip leaderboard after updating investors on its recent performance.
As of 12:11 GMT, the Footsie had lost 28.38 points to stand 0.39 percent lower at 7,170.06. The benchmark index has been pressured by a rise in the pound which is weighing on blue-chips with international exposure.
“Though Theresa May’s pair of speeches last week has helped sterling by somewhat clarifying Britain’s Brexit position […] it seems that Monday’s cable gains are more a case of dollar weakness than pound strength,” Connor Campbell at Spreadex said in a morning note. The greenback has retreated in the wake of Trump’s speech which is also weighing on stock markets.
“The market’s response to Trump’s speech was one of disenchantment,” BayernLB analyst Alexander Aldinger told Reuters. “Even though the speech was radical for the inauguration of an American president, it was relatively moderate by Trump’s standards. Its focus was on his ‘America first‘ policy.”
In individual movers, Paddy Power Betfair’s share price has lost 2.71 percent to 8,440.00p so far in today’s session, after the company posted a drop in fourth-quarter revenue on account of adverse sports results, coupled with some weakness in gaming.
The FTSE 100 was 0.40 percent down at 7,169.91 points as of 12:21 GMT on Monday, 23 January 2017.
