FTSE 100 watch: Footsie little changed amid German worries

on Nov 20, 2017

The UK benchmark index has climbed marginally higher in early afternoon trade, after posting a downbeat start to the week, pressured by worries over the political situation in Germany. Mediclinic (LON:MDC) meanwhile has tumbled to the bottom of the FTSE 100 leaderboard after saying that it will would not make another offer for smaller London-listed peer Spire Healthcare (LON:SPI).

FTSE 100 little changed

As of 12:26 GMT, the Footsie had added 6.67 points to stand 0.09 percent higher at 7,387.35, having traded about 0.3 percent lower earlier in the session. Sentiment has been subdued today, with investors digesting news out of Germany where Chancellor Angela Merkel failed to reach an agreement to form a coalition government.

“The 7,360 level is under threat once again, as FTSE 100 tests the lows seen a week ago,” Chris Beauchamp, market analyst at IG, commented in a note, adding that below that level, 7,294 and then 7,260 are possible areas of support, while a recovery above 7,360 points “would suggest another attempt to break 7,409, where the rally on Thursday and Friday ran out of steam”.

Individual movers

Mediclinic has been today’s most notable FTSE 100 faller after announcing in a statement this morning that it had been unable to reach a tie-up deal with Spire Healthcare.

“Accordingly, Mediclinic does not intend to make an offer for Spire,” the company said in the statement. Mediclinic’s share price currently stands 2.97 percent lower at 539.00p. Shares in Shire (LON:SHP) meanwhile have given up 2.47 percent to 3,587.50p on the back of upbeat haemophilia drug trial results at rival Roche.

The FTSE 100 was 0.12 percent up at 7,389.20 points as of 12:34 GMT on Monday, 20 November 2017.