FTSE remains volatile after Trump victory

In a big political shock, Donald Trump won the US presidency, making the blue chip index very volatile.

The index was last 0.8% higher at 6,901 although it has not remained in positive territory throughout the day.

The dollar weakened against the pound to $1.24.

West Texas Intermediate (WTI) crude oil advanced 1% to $45.45 and Brent crude oil was 0.8% higher at $46.43 per barrel, respectively.

Gold experienced its biggest rally since the Brexit vote and reached 5% after a shift in the lead from Clinton to Trump. Gold traded at a more modest 1% gain to $1,286 per ounce.

Copper jumped 3% to $5,400 per tonne.

The Office for National Statistics revealed that the total trade deficit for goods and series narrowed by £1.6bn to £11bn in the third quarter this year.


Gold miner Centamin (CEY) gained 6.3% and Hikma Pharmaceuticals (HIK) rose 6% to £17.64.


Investors were unimpressed by Sainsbury’s (SBRY) latest results after it reported underlying pre-tax profit for the first half down 10.1% year-on-year. The company said it will seek £500m worth of cost savings as it warns of cost inflation. The supermarket traded 6.6% lower at 238.7p.

Shares in credit agency Experian (EXPN) declined 3.3% to £14.67 despite delivering organic revenue growth of 5%, in line with management’s targeted range.

The market was disappointed with luxury outfit Burberry (BRBY) following a 4% fall in pre-tax profit on ebbing demand in key markets such as Hong Kong, although the drop was roughly in line with expectations.

Utility SSE (SSE) failed to spark interest despite in line results and a dividend hike of 1.9%.


Mosman Oil and Gas (MSMN) entered an agreement with a subsidiary of Cue Energy Resources to acquire an 80% interest in the Pine Mills producing oil field in Texas, US together with the acquisition of Buccaneer Operating. Shares soared 244% to 2.15p.

European regional airline Flybe (FLYB) flew 13% higher on its half year results, which revealed that lower fuel costs helped to offset weaker yields and reduced the total cost per seat by nearly 6%.

Story provided by StockMarketWire.com