It was another limp start for the European indices, the general concerns surrounding the global economy, currently manifesting in further losses for Brent Crude and copper, leading to an uninspired open.
With oil’s decline quickly expanding to 0.8%, the FTSE found itself down 0.4% after the bell, striking a near 3 week low in the process. The index is also not best pleased with the pound; though it’s slipped 0.1%, cable is still trading above $1.30, while against the euro, sterling’s up 0.1% and lurking near €1.15.
The last few weeks have seen the pound remarkably adept at ignoring the more troublesome Brexit headlines, to instead focus most of its energy on hyping the chances of a no deal divorce being avoided. For example, Wednesday’s gains appeared to be spurred on by Labour’s intention to back Yvette Cooper’s amendment that would extend article 50 if a no deal Brexit looks likely, despite EU chief negotiator Michel Barnier’s attempts to pour cold water on such a plan.
Mixers-maker Fevertree Drinks (LON:FEVR) found the right tonic for investors with Thursday’s year-end trading update. The AIM upstart had a tumultuous 2018, losing all of the giddy growth it had managed in the first 9 months of the year during a nightmare final quarter. Yet it has rebounded rather sharply since 2019 began, and only extended its gains following its latest statement, the stock climbing nearly 10% as investors cheered news that the firm’s full year revenue is set to rise 39% thanks to a clearly gin-guzzling holiday season in the UK. It’s now back above £28 – it was at £40 in September – a level last struck 2 months ago.
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