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FTSE 100 watch: Footsie heads south as Turkish crisis stays in focus

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The UK benchmark index has fallen deep into the red in today’s session, pressured by the ongoing worries over the Turkish lira and a fall in the copper price. In individual movers, Admiral (LON:ADM) has climbed to the top of the FTSE 100 leaderboard after updating investors on its interim performance, while shares in GlaxoSmithKline (LON:GSK) have been in demand on the back of upbeat drug trial results at its majority-owned business ViiV Healthcare.

FTSE 100 heads south

As of 13:18 BST, the FTSE 100 had given up 90.12 points to stand 1.18 percent lower at 7,521.52. The blue-chip index has been pressured by ongoing worries over the Turkish lira, as well as by a drop in copper prices, which is weighing on London-listed miners. Fresnillo (LON:FRES) is currently leading the sector lower, having given up 5.27 percent to stand at 921.50p.

Chris Beauchamp, market analyst at IG, commented in a note that the FTSE 100’s yesterday low at 7,598 points marked the “first area to watch, and then below this the 7,550 zone is possible support, followed by 7,490,” while a push higher would target the 7,675-point level, followed by 7,800 points, which marks the top end of the index’s trading range.

Individual Footsie risers

Admiral has been one of today’s most prominent Footsie risers, having gained 2.50 percent to 2,048.00p, after the blue-chip insurer’s pre-tax profits for the first half of the year beat analyst estimates. GSK meanwhile is 1.56 percent up at 1,584.40p after its majority-owned ViiV Healthcare business posted upbeat results from a trial evaluating a two-drug HIV therapy.

The FTSE 100 index was 1.13 percent to 7,525.46 points as of 13:42 BST on Wednesday, 15 August 2018.  

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