FTSE 100 Tumbles As Pound Rises After Industrial Output Data

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U.K. shares fell sharply on Thursday as a number of prominent companies traded without dividend rights and homebuilders fell after downbeat housing data.

According to the Royal Institution of Chartered Surveyors, U.K. house prices in July rose at the slowest rate since early 2013 due to political uncertainty and the impact of tax changes.

The pound’s strength also weighed on markets after a government report showed U.K. industrial output grew more than expected in June, largely due to higher oil and gas output.

The benchmark FTSE 100 was down 74 points or 0.99 percent at 7,423 in late opening deals after declining 0.6 percent in the previous session.

Shares of Barratt Developments fell 1.5 percent, Taylor Wimpey lost 1.7 percent and Persimmon shed 1.9 percent.

Heavyweights Lloyds and Anglo American dropped 1-2 percent on going ex-dividend.

Mining and trading giant Glencore declined 2.2 percent after its first-half earnings trailed estimates.

Beverage bottler Coca Cola HBC soared 7.5 percent on posting solid first-half earnings.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

2017-08-10 06:03:58

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