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FTSE falls as action on energy bills continues

by LLB Reporter
7th Sep 22 9:43 am

Amid widespread selling in global markets, the FTSE 100 followed suit on Wednesday morning.

Action on energy bills continues to be widely trailed as new prime minister, Liz Truss, prepares for an official announcement on her policy.

Given the big package that is expected, anything short could spark renewed selling in consumer-facing stocks.

Sterling remains weak and that is leaving UK stocks vulnerable to approaches from overseas predators – cybersecurity GB Group the latest on the block as it is targeted by a US private equity firm.

AJ Bell investment director Russ Mould said: “An already shrinking UK tech sector on the London market can ill-afford another departure, GB’s peer NCC is also pulled higher by the news.

 “The housing market enjoyed an unexpected rebound in August, suggesting that for all the challenges being thrown at it, the undersupply of homes in the UK is continuing to provide a level of support to the market.

“Certainly, Barratt Developments showed little sign of nervousness as it announced its full-year results. Barratt has got completions back to pre-pandemic levels, no mean feat given labour and materials shortages as well as escalating costs, and has signalled some confidence in the outlook by sanctioning a £200 million buyback.”

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