Sterling Falls
THE POUND HAS taken a
battering against both the
Euro and the US Dollar in
recent weeks as the new
Prime Minister, Boris Johnson,
is increasingly talking up the
probability of the UK exiting the
EU without a deal.
At the measurement point,
Sterling had rallied a cent
against what was a two-year
low on news that coincided
with fresh reports that there
are in fact still routes that can
be explored by MPs wishing to
prevent a ‘no deal’ Brexit. Such
is the fragile and febrile nature
of the market. Since the fi rst
Monday after Johnson taking
offi ce (29 July 2019) the FTSE
100 has fallen just shy of 6%
with the wider FTSE 250 falling
just over 4% in the same time.
CITY TALK
Business does not like
uncertainty and would appear
to be most wary of a no-deal
divorce from the EU.
Meanwhile, and seemingly
oblivious to the bigger picture,
Gamma shares have recovered
almost all of the dip they
suffered as a result of their
most recent company results
announcement last month and
heading back in the direction
of their all-time high of 1195p
chalked up at the end of May
this year.
Looking at the diary I see I am
away on holiday over the period
leading up to our next supposed
date for leaving the EU on 31
October 2019 but I would wager
that date could turn out to be
‘fl exible’.
We’ll see.
Pre & Post EU Referendum Vote
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Indicator 23 Jun 12 Aug 19 Change Change %
FTSE 100 6,338 7233.00 895.00 14.12%
FTSE 250 17,333 19046.00 1713.00 9.88%
BT 439.70 172.60 267.10 -60.75%
Vodafone 217.90 149.65 68.25 -31.32%
TalkTalk 226.60 105.00 121.60 -53.66%
Gamma 440.50 1138.00 697.50 158.34%
£/$ 1.487 1.207 0.280 -18.83%
£/€ 1.307 1.079 0.228 -17.44%
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