House of Ashley

Friday, July 10: markets turned risk averse to end the week, as the FTSE closed 0.97% lower as further trade woes and worries surrounding Turkey weighed on investors. European equities were all similar and Wall Street has opened their final session of the week very much in negative territory also. Losses on the day were made worse after the ECB warned about European bank exposure to ongoing financial instability in Turkey.

The fall for London shares came on the same day that UK GDP figures showed our economy rebounded in Q2, but given the boost from the weather (oppose to the hit we took from the weather in Q1) and the World Cup boost it did little to lift spirits on the LSE. One of the main stories on the day involved Mike Ashley’s rescue of House of Fraser. The high-street veteran was forced to call in administrators until the infamous Sports Direct holder put on his superhero cape again, offering to buy the department store for £90m (Sports Direct already owned a 10% stake in the business.) Shares in Sports Direct International marginally fell 0.32% on the day. Over on the FTSE miners lagged heavily with Evraz worst off due to their Russain exposure as further sanctions loomed. Evraz shares fell 9% today, as Glencore, Fresnillo, Anglo and Rio were all amongst the biggest losers.

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