FTSE 100 watch: Footsie subdued amid Brexit concerns

on Jun 13, 2016

The UK benchmark index has started the week on the back food, amid concerns about the upcoming EU referendum this month, and caution ahead of the US Federal Reserve policy meeting later during the week. Inmarsat (LON:ISAT) meanwhile has climbed to the top of the FTSE 100 leaderboard after unveiling a strategic partnership with SpeedCast.

As of 12:01 BST, the Footsie had lost 47.41 points to stand 0.78 percent lower at 6,068.35. Sentiment has been subdued today amid concerns about the EU referendum which is less than a fortnight away, with the outcome of the vote uncertain.
EU referendum “polls show it’s now too close to call and markets are responding with some very twitchy activity,” Joe Rundle, head of trading at ETX Capital said, as quoted by the Guardian. “Stocks across Europe are in negative territory and it’s hard to see much upside until next Thursday’s referendum produces a result.”

Reuters meanwhile reported that both Deutsche Bank and JP Morgan remain overweight on UK equities in the run-up to the vote.
“In the case of a ‘Leave’ vote in the UK referendum […] we expect UK equities to outperform the European market, given the likely GBP (British pound) depreciation in such a scenario as well as the market’s defensive sector structure,” Deutsche Bank strategists said in a note, as quoted by the newswire.
In individual movers, Inmarsat, which is set to leave Britain’s premier index later this month, has jumped after unveiling that it had entered into a partnership with broadband specialist SpeedCast to use the group’s Fleet Xpress service for its maritime business. Inmarsat’s share price is 2.42 percent better off at 720.50p.
**The FTSE 100 was 0.73 percent down at 6,071.40 points as of 12:19 BST on Monday, June 13, 2016.**

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