The FTSE 100 continues to drift having fallen just short in its effort to reclaim pre-pandemic levels.
Once again, the index is left in the miserable position of being shown up by its global peers, many of which had put their Covid losses behind them months ago or even longer. In a global index sports team the FTSE is getting picked dead last.
“Mounting inflation has helped drag the index back as it raises the likelihood of a pre-Christmas rate rise, thereby boosting the pound. When some 70% of its constituents’ earnings are derived from overseas, strength in sterling isn’t that helpful,” said AJ Bell investment director Russ Mould.
“There was an ugly bulletin from Daily Mail & General Trust. After some internecine warfare among its print titles, with Daily Mail editor Geordie Greig ousted overnight, it warned on print costs and events disruption. Investors didn’t take too much notice given the firm is on course to be taken private by its founder, the Rothermere family.
“Gambling technology group Playtech is attracting suitors faster than Marilyn Monroe, as a third takeover approach from former Formula One boss Eddie Jordan sets the scene for a bidding war.
“A rumoured £3 billion proposal would blow the existing offers out of the water, and shareholders will be watching closely hoping they can be the winners in any battle for the business.”