Crossrail builder Balfour Beatty (BBY) reveals a high-speed profit boost but investors remain cautious
Fresnillo (FRES), Anglo American (AAL) and Antofagasta (ANTO) were the biggest fallers, down 7.8%, 6.2% and 5.7% respectively, as the dollar climbed to its highest levels in over a year and metals prices took a dive. The Turkish lira crisis has pushed up demand for the US currency as a safe haven, which in turn has squeezed metals prices. Materials such as copper trade by reference to the dollar, so become more expensive and less attractive in local currencies when the dollar rises.
Oil giants Royal Dutch Shell ‘B’ (RDSB) and BP (BP.) also caused the FTSE 100 to slide, with both almost 2% lower at the end of the day. Stocks of US crude unexpectedly rose amid concerns that disputes would escalate between the US and its major trading partners, pushing prices down.
Admiral Group (ADM) – Pre-tax profit rose 9% to £211million, causing chief executive David Stevens to rave in both French and Italian that ‘our European operations are profitable’. The core UK car insurance business also continued to expand, and in early 2018 Admiral passed the four million mark for cars on cover.
GlaxoSmithKline (GSK) helped to balance out losses in the FTSE 100, as it revealed positive results from the phase three trial of its new HIV treatment.
Hikma Pharmaceuticals (HIK) ended the day up 6%, or 98p, at 1745p. Its half-year operating profit climbed 54% to £137million, and analysts at Cantor Fitzgerald said that the company benefited from a ‘favourable product mix’.
Russian aluminium firm En+ Group (Reg S) (ENPL) sees profits nearly double despite US sanctions
Royal Bank of Scotland Group (RBS) officially labelled Britain’s worst bank by competition watchdog while First Direct is crowned the best
