Home news FTSE 100 slips as pound recovers

FTSE 100 slips as pound recovers


The pound rose strongly on Monday morning, regaining some of the ground it lost last week.By midday, the pound was up 0.8% against the dollar at $1.3174, and 0.7% higher against the euro at €1.1189.Sterling had hit a one-month dollar low on Friday, amid uncertainty over Theresa May’s future following the prime minister’s mishap-strewn speech at the Conservative Party conference.As the pound rose, the FTSE 100 share index slid 17.82 points to 7,505.05.The FTSE 100 often falls when sterling rises, as the stronger currency cuts the value of companies’ overseas earnings when they are brought back to the UK and converted back into pounds.Shares in Smith & Nephew were among the biggest fallers on the index, down 1.4%, after the medical devices maker said its chief executive, Olivier Bohuon, intended to retire by the end of 2018.In the FTSE 250, shares in hotels group Millennium & Copthorne jumped 21% after Singapore’s City Developments offered to buy the remaining shares in M&C that it does not already own.City Developments already controls about 65% of M&C. The offer values the hotels group at about £1.8bn.
Source: BBC