FTSE 100 watch: Trade war worries continue to take their toll on Footsie

Shire share price rises after Takeda AGM

FTSE 100 watch: Trade war worries continue to take their toll on Footsie

The UK benchmark index has slipped marginally into the red in today’s session, giving up some of the previous session’s gains, with investor sentiment staying subdued amid the persisting trade tensions between the US and China. In individual stock news, Shire (LON:SHP) is outperforming the FTSE 100 index following Takeda Pharmaceuticals’ annual general meeting (AGM).

FTSE 100 inches lower

As of 12:25 BST, the Footsie had given up 14.79 points to stand 0.19 percent lower at 7,606.90, with investors continuing to digest the latest trade developments between the US and China.

“We seem to be hanging on the coattails of everything the White House says,” said Ken Odeluga, market analyst at City Index, as quoted by Reuters, adding that the ‘international flavour’ of the FTSE 100 meant that the index “should be very much impacted in the same way that you would expect large US corporates on the S&P 500, the Dow Jones, to be impacted”.

Individual movers

In individual stock news, shares in Shire have been in demand as Reuters reported that a group of Takeda shareholders, who were trying to block the Japanese group’s $62-billion takeover of the London-listed rare disease specialist, had failed to get a proposal to require advance shareholder approval for large acquisitions passed at the drugmaker’s AGM. Shire’s share price is currently 1.94 percent better off at 4,174.00p.

Micro Focus (LON:MCRO) meanwhile has been one of today’s biggest fallers in percentage terms, trading 2.87 percent lower at 1,285.00p. Technology stocks have come under pressure this week amid US President Donald Trump’s plans to curb Chinese acquisitions of sensitive American technologies.

The FTSE 100 was 0.22 percent down at 7,604.70 points as of 12:52 BST on Thursday, 28 June 2018.

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