U.K. Shares Edge Lower On The Back of Strengthening British Pound
Mar, 23rd 13:33
U.K. shares continued to remain weak, stretching their downward rally to a fourth session in a row. Equities in London were weighed by a strengthening in the Sterling following upbeat retail sales.
The benchmark FTSE 100 dropped nearly 0.2% to trade as low as 7310.00 with the weakness coming as the pound advanced more than 0.23% to reach an intraday high of $1.2528. U.K. retail sales for February were reported to surge by 3.7 per cent in February, compared to the same month last year and by 1.4% since January, easily beating forecasts of 0.4%.
A stronger pound has a tendency to depress many FTSE 100 companies that make the bulk of their revenue overseas and then transfer their profit back to the U.K.
Buy Digital Put Option from 7305.00 to 7280.00 valid until 21:00 GMT March 23, 2017
The website/brand www.optionbanque.com is jointly operated by Capital Street BancClear Corporation Limited(SVG) and Capital Street Intermarkets Limited(MU). The services provided by Option Banque are provided by the two companies jointly, and all securities trading services offered by Option Banque are offered via the full services securities dealer licence Number C112010690 issued by the FSC Mauritius.