The FTSE 100 has gained about 7.5 per cent year-to-date on optimism that speedy Covid-19 vaccinations and constant government policy support would drive a stronger economic recovery. ― Reuters picLONDON, April 28 ― London's FTSE 100 dropped yesterday, as export-heavy companies took a hit from a perky pound, overshadowing a rise in bank shares following HSBC's quarterly profit beat.
The pharmaceutical and biotechnology index dropped 2.3 per cent, the most among sectors, while international companies that take a hit to their profits from a rise in local currency dropped, with British American Tobacco, Unilever, Reckitt Benckiser down marginally. “We're now in a very busy week for companies updating on earnings and trading in the UK and US, which means investors are likely to be rearranging their portfolios in reaction to the news,” said Russ Mould, investment director at AJ Bell.
Source: News Formal (newsformal.com)
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