FTSE 100 watch: Footsie subdued amid ongoing UK turmoil

Halma share price outperforms as group unveils acquisition

FTSE 100 watch: Footsie subdued amid ongoing UK turmoil

The FTSE 100 has fallen into the red in today’s session, with investors digesting the ongoing political turmoil in the UK. Halma (LON:HLMA) meanwhile is outperforming the broader UK market, after unveiling an acquisition.

FTSE 100 subdued

As of 12:42 GMT, the Footsie had given up 42.18 points to stand 0.60 percent lower at 6,995.83, having traded about 0.3 percent higher earlier in the session. Sentiment has been subdued following the resignations of key ministers in Prime Minister Theresa May’s government in the wake of a draft Brexit deal. Lenders remain under pressure, with Royal Bank of Scotland (LON:RBS) leading the sector lower, having given up 3.56 percent to 216.22p.

Proactive Investors quoted ING as saying that any ‘no-confidence’ vote would likely take place early next week.

“Political analysts suggest that Theresa May (at this stage) is likely to win,” the Dutch finance house explained, adding, however, that bookmakers were ‘not so sure’.

“Indeed, the pressure is likely to continue building and if her leadership looks doomed this could see momentum build for a change,” ING added.

Individual movers

In individual stock news, Halma has been in demand after announcing that it had acquired Navtech Radar, a provider of innovative radar surveillance and safety solutions for use in highway monitoring, perimeter security and industrial applications.

“We believe that Navtech ticks a range of boxes, for niche presence, high returns and regulatory-, safety- and security-based drivers of growth, based on in-house technology that is already commercialised,” said Investec analysts, as quoted by Reuters. Halma’s share price is currently 2.22 percent better off at 1,338.00p.

AstraZeneca (LON:AZN) meanwhile is underperforming the market after the results from the highly-anticipated MYSTIC trial showed that its oncology treatment Imfinzi had missed the primary goal of improving overall survival in combination with tremelimumab,  in previously-untreated patients with Stage IV non-small cell lung cancer, compared with standard-of-care chemotherapy. AstraZeneca’s shares are 3.13 percent down at 6,119.00p.

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