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FTSE 100 closes down as pound recovers | |
(about 4 hours later) | |
(Close) The FTSE 100 index ended the day down 1.4% to 6,730.43, dragged lower for the second session in a row. | |
Shares in companies exposed to emerging markets suffered, with Standard Chartered closing down 6.3% and packaging firm Mondi falling 4.7%. | |
Donald Trump's US election victory has raised worries he could introduce protectionist trade policies. | |
In the FTSE 250, SIG dived 21.8% as it warned on profits and said its chief executive had left the company. | |
The building materials firm said it had been affected by softer trading conditions in the UK since the Brexit vote and increased competition. | |
As a result it has lowered its forecast for full-year profits to between £75m and £80m. | As a result it has lowered its forecast for full-year profits to between £75m and £80m. |
SIG also announced that group chief executive Stuart Mitchell was leaving the company by "mutual agreement" with immediate effect. | |
On the currency markets, the pound continued its recovery of the past few days, hitting its highest level against the pound since October's flash crash. | On the currency markets, the pound continued its recovery of the past few days, hitting its highest level against the pound since October's flash crash. |
Sterling rose 0.3% against the dollar to $1.2593 and was 0.88% higher against the euro at €1.1621. | |
The pound's recovery has been put down to the news of Donald Trump's election victory, but slightly better-than-expected construction figures also helped sterling. | The pound's recovery has been put down to the news of Donald Trump's election victory, but slightly better-than-expected construction figures also helped sterling. |
While official figures showed construction output fell 1.1% in the third quarter, the sector's weakest performance for four years, output managed to rise 0.3% in September. | While official figures showed construction output fell 1.1% in the third quarter, the sector's weakest performance for four years, output managed to rise 0.3% in September. |