FTSE 100 watch: Footsie little changed as Trump policy concerns subside

on Mar 28, 2017

The UK benchmark has been little changed in today’s session, steadying following yesterday’s selloff prompted by the failure of Donald Trump’s healthcare reform in the US. Wolseley (LON:WOS) meanwhile has gained ground after updating the market on its half-year results.

As of 12:28 BST, the Footsie had added 3.61 points to stand 0.05 percent higher at 7,297.11, having hit a one-month low in the previous session as the failed healthcare reform in the US fuelled concerns whether Trump could deliver on his promises for tax reform and infrastructure spending.

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“The FTSE struggled to substantially break back above 7,300 as Tuesday went on, loitering just the wrong side of that level,” Connor Campbell at Spreadex commented in a note, adding that so far neither the Footsie, nor sterling had “displayed any pre-Article 50 jitters, the Trump healthcare hubbub helping distract investors from Theresa May’s itchy trigger finger”. Prime Minister Theresa May has said that she will start the Brexit process tomorrow, March 29.

In individual movers, Wolseley has climbed to the top of the FTSE 100 leaderboard after the company posted a rise in interim revenues and trading profit for the half year ended January 31, 2017. The blue-chip group further unveiled plans to change its name to Ferguson, its top brand in the US which is the group’s biggest market.
“We believe the market could view these steps ultimately to attempt to unlock the multiple discrepancy between the US listed peers and Wolseley,” analysts at UBS said in a note, as quoted by Reuters. Wolseley’s share price is currently 5.15 percent better off at 5,134.38 points.
**The FTSE 100 index stood at 7,293.85 points, flat in percentage terms, as of 12:40 BST on Tuesday, 28 March 2017.**


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