Sterling shows class on the pitch, but suffers off it

Wednesday, 23 October: Are you like us after last night, not knowing what on Earth the outcome from Parliament actually meant and truly means for the UK? Good, well it seems that Boris Johnson has his Brexit plan ‘passed’ but not the timetable. Ok. After yesterday it is also unclear to many, what this means, are we less likely to crash out the EU? Are we getting a deal? Is a no deal scenario more likely but later on? Are we having an election? Other questions from last night are; who will Pep start up front for Man City this weekend in the latest round of Pep-roulette and will Tottenham carry their European form back home? Just so many questions.

As markets opened with the dust far from settled, the FTSE crept higher likely just from the tailwind of sterling struggles. Evident by the FTSE 250’s fall. M&G shares topped the FTSE 100 after their demerger from Prudential, climbing 5.5% on the day. Miner Antofagasta also saw shares climb after 9-month production rose 16%, but they do warn Chilean unrest will impact operations. Fellow miner Fresnillo shares dropped however after their Q3 update, the precious metals miners have seen lower production of gold and silver and have placed expectations at the lower end of guidance. Shares declined 1.6% today. Elsewhere, troubled challenger bank Metro Bank has seen their Chairman step down today, replaced in the interim by Michael Snyder. Vernon Hill will remain as a nonexecutive director until the end of the year.

Leave a Reply