FTSE 100 watch: Drop in sterling lifts Footsie

NMC Health share price rises as group inks partnership with Hassana Investment

FTSE 100 watch: Drop in sterling lifts Footsie

The UK benchmark index has advanced in today’s session, kicking off the week in positive territory, amid support from a weaker pound which tends to benefit blue-chips with international exposure. NMC Health (LON:NMC) meanwhile is outperforming the FTSE 100 after entering a partnership with Saudi Arabia’s Hassana Investment.

Footsie gains ground

As of 14:02 BST, Britain’s blue-chip index has gained 64.35 points to stand 0.84 percent higher at 7,745.42. The Footsie has advanced on the back of a drop in the pound, with sterling retreated on the back of disappointing factory data out of the UK. Investors have further shrugged off the outcome of the G7 summit over the weekend when US President Donald Trump backed out of a joint communique.

“Indices have started the week on the front foot, showing no sign of wariness after the G7 meeting,” Chris Beauchamp, market analyst at IG, commented in a note.

Individual movers

NMC Health has been one of today’s most prominent Footsie risers after reporting that it had signed a non-binding agreement to form a joint-venture healthcare platform with Saudi Arabia’s Hassana Investment.

“This helps further extend a 2016 move into Saudi Arabia, a rather significant geography for growth,” said Mike van Dulken, analyst at Accendo Markets, as quoted by Reuters. NMC Health’s share price is 4.19 percent better off at 3,578.00p.

HSBC Holdings (LON:HSBA) is underperforming the broader market as it unveiled a new strategy which will see Europe’s biggest lender invest between $15 billion and $17 billion as it looks to return to growth. The group’s shares are trading 0.41 percent in the red at 726.90p.

The FTSE 100 was 0.81 percent up at 7,743.36 points as of 12:13 BST on Monday, 11 June 2018.

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