FTSE 100 watch: Fresh trade tensions pressure Footsie

ITV shares under pressure amid Endemol Shine bid reports

FTSE 100 watch: Fresh trade tensions pressure Footsie

The UK benchmark index has fallen marginally in today’s session, pressured by renewed worries over the trade relations between the US and China. ITV (LON:ITV) is underperforming the FTSE 100 following reports that it had entered the bidding for Endemol Shine, the company behind programmes such as Big Brother and MasterChef.

FTSE 100 inches lower

As of 12:10 BST, the Footsie had given up 12.65 points to stand 0.17 percent lower at 7,291.39. The blue-chip index has come under pressure amid media reports which have suggested that the US is planning to impose further tariffs on China.

“The FTSE 100 continues to be constrained by trendline resistance from the high in late August, with gains unable to hold above 7,300,” Chris Beauchamp at IG commented in a note, adding that further losses would bring near-term support at 7,250 points and 7,220 points into view, “while a break above 7,340 is needed to suggest that the bulls have wrested control”.

Individual movers

ITV has been one of today’s most prominent Footsie fallers after reports suggested that the it had entered the bidding for Endemol Shine, the company  behind programmes such as Big Brother, The Fall, MasterChef and Peaky Blinders.

“A rights issue might be necessary for ITV to enter the fray for this asset, and financial synergies aren’t immediately clear at this juncture,” said Markets.com analyst Neil Wilson, as quoted by Reuters. ITV’s shares are changing hands 1.44 percent lower at 157.55p.

Ocado (LON:OCDO) meanwhile has advanced to the top of the blue-chip leaderboard ahead of its third-quarter results. The online grocer’s shares are currently changing hands 0.81 percent higher at 922.20p.

The FTSE 100 was 0.10 percent lower at 7,296.49 points as of 14:42 BST on Monday, 17 September 2018.

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