Monday, 13th August: Following the Turkish lira dropping to an all-time low on Friday and President Trumps decision to double tariffs on aluminium and steel imported from Turkey, their currency crisis continued to weigh on markets on Monday morning, sending the FTSE 100 lower at the open of the start of a new week. However, the lira itself managed to shift away from its record low after the central bank pledged to provide liquidity and calm the nerves of the market.
There were no significant gainers or losers on the blue-chip index, but on the FTSE 250, leading provider of integrated shipping services Clarkson was trading more than 105 higher during the early hours of trading following an interim update, which was much needed after April’s profit warning which sent their shares down by almost 18% on the day it was released. The group managed to reverse most of this after reporting an improvement in trading conditions during the second quarter.
As the afternoon crept up, one group leaped ahead and took Clarkson’s spot at the top of the FTSE 250. Insurance group Esure shares rocketed by more than 30% following the Bain Capital takeover proposal valuing the insurance specialist just shy of £1.2bn. The Sheilas’ Wheels ladies may be demanding a revamp once they find out their parent companies’ worth. The news gave other insurance groups on the blue-chip index a helping hand, as the likes of Admiral Group and Direct Line Insurance Group managed to sneak up the index and hover around the top 10 gainers.
The FTSE 100 managed to pull back from larger losses, but still ended the day 0.32% lower at 7642, putting them back to where they were at the start of the month.