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FTSE 100 closes lower as pound hits one-month dollar high | |
(about 7 hours later) | |
(Close): UK stocks closed lower on Monday as the pound gained against the dollar following Donald Trump's inauguration speech. | |
Concern over Mr Trump's protectionist policies hit the US currency, helping sterling rise 0.89% to $1.24860, a one-month high. | |
Meanwhile the benchmark FTSE 100 index shed 47.26 points to 7,151.18. | |
A stronger pound can hurt multinational firms, as overseas profits are worth less when converted back into sterling. | A stronger pound can hurt multinational firms, as overseas profits are worth less when converted back into sterling. |
The biggest faller in the FTSE 100 was bookmaker Paddy Power Betfair. Its shares dropped 4.38% after it said revenues had been affected by a run of "customer friendly" results. | |
The company said football results in December and Donald Trump's surprise US election win had cost it about £40m in the final quarter of 2016. | The company said football results in December and Donald Trump's surprise US election win had cost it about £40m in the final quarter of 2016. |
Electronics giant Dixons Carphone fell by 2.58% ahead of a trading update on Tuesday, however airline Easyjet - which will also update the markets - gained 3.07%. | |
Miner Antofagasta was the best performing stock, climbing 3.6% and leading other basic resources shares higher. Rival Fresnillo also did well, gaining 3.42%. | |
Despite its recent gains, the pound is still down by about 17% against the dollar since the Brexit vote in June 2016. |