Pound on steadier ground as it peels itself off 31-year lows June 28, 2016 The pound showed some much-needed signs of life this morning as the currency picked itself off the floor and gained ground against the dollar. By mid-morning sterling was up one per cent on the day, trading at the dizzying heights of $1.3355. Were it not for yesterday's dismal performance that would still have been a [...]
Oil prices fall as Brexit vote roils the market June 27, 2016 Oil prices gave up earlier gains this afternoon as the dollar rallied and traders continued to digest the fallout from last week's Brexit vote. Brent crude, the global benchmark, fell 3.28 per cent to $46.82 a barrel this morning, while West Texas Intermediate crude, the US benchmark, slumped 1.05 per cent to $48.85. Read more: Oil [...]
Mixed fortunes for London-listed miners amid Brexit vote fallout June 27, 2016 The fallout from the UK's Brexit vote was a boon for precious metals miners as investors sought safe-havens today, but this wasn't the case for the whole sector. Mexico's Fresnillo finished up seven per cent to 1,483p per share, while Rangold Resources added 9.02 per cent to 8,035p and gold miner Centamin swelled 8.15 per cent to 130.10p. Read more: Texas "frack master" accused [...]
Miner BHP Billiton swims against the tide with spending boost June 27, 2016 The battered mining sector could be on the tip of a pick up after BHP Billiton unveiled plans to boost how much it spends on finding oil and copper. Speaking during a presentation to Citigroup investors, BHP said it will raise exploration spending by nearly 30 per cent over this financial year, from $700m (£530m) to $900m. Read [...]
Demolition derby: Housebuilders trigger circuit breaker as their shares head for a second day of falls June 27, 2016 Shares in all the FTSE 100-listed housebuilders were suspended from trading for five minutes this morning as housebuilders fell for the second consecutive trading day. Taylor Wimpey was the first to trigger the London Stock Exchange's so-called circuit breaker by falling more than eight per cent on its opening price, causing it to be suspended for five minutes, as investors showed their nerves over [...]
Sterling plummets to a new 31-year low against the dollar June 27, 2016 Sterling has crashed to a new 31-year low against the dollar as markets continue to digest the implications of the UK's vote to leave the European Union. The pound dropped by 3.3 per cent this morning to $1.3180 – lower than during the chaos that engulfed the currency markets on Friday morning. As the polls closed [...]
Trading suspended in Barclays and RBS as European bank shares crash June 27, 2016 Trading in bank shares was temporarily suspended on multiple occasions today as the value of European lenders tumbled in response to the vote to leave the EU. Financial giants Barclays and Royal Bank of Scotland (RBS) both fell more than 18 per cent by lunchtime as markets increasingly turned on stocks perceived to be most at risk from prolonged uncertainty [...]
Gold gains for second day as nervous investors rush into the safe-haven June 27, 2016 Gold surged for a second day as nervous investors sought refuge from a storm rippling through financial markets following the UK's vote to leave the European Union. Spot gold swelled 0.76 per cent to $1,325.70 an ounce this morning, while US gold added 0.55 per cent to $1,329.70. The precious metal has risen nearly 25 per cent [...]
Stock markets calm at the open but sterling still suffering June 27, 2016 Stock markets have opened relatively calmly this morning as traders hold their nerve over the fallout from the EU referendum. The FTSE 100 was down just 0.5 per cent at 6,111.36. Just one hour before trading started the index was expected to tumble by around three per cent. The FTSE 250, generally considered a better indicator of [...]
IP-no, not yet: Businesses may be putting flotation plans on hold after Brexit vote June 27, 2016 Companies are expected to put flotation plans on hold after the UK voted for Brexit, according to a report out today. Accountancy firm EY expects activity on London’s initial public offerings (IPO) market to come to a near-standstill after the UK voted to leave the EU. Read more: What Brexit means for the UK's IPO [...]