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FTSE falls as Brexit hopes lift the pound

by LLB Editor October 21, 2020

written by LLB Editor 21^st Oct 20 10:59 am

Renewed confidence in a US stimulus deal helped lift stocks on Wall Street and in Asia overnight but the good feeling didn’t extend into today for the FTSE 100,”

AJ Bell investment director Russ Mould said: “A surge in the pound as the EU’s chief Brexit negotiator Michel Barnier commented that a deal with the UK could be in reach helped put the index firmly on the back foot with the strength in sterling undermining the value of the large number of FTSE 100 constituents’ overseas earnings.

“The reaction to Barnier’s comments overshadowed news of record UK Government borrowing and higher than expected inflation figures.

“Elsewhere on the London market gold miner Centamin was the big loser, falling nearly 20%, as it outlined the impact of recent production problems. The gold price itself continued to consolidate its position above $1,900 per ounce as investors weighed risks around coronavirus and the US election.”