FTSE CLOSE: Paddy Power Betfair books a profit rise


Connor Campbell, analyst at Spreadex:

‘A potentially dull session got off to a relatively quiet start, with the FTSE avoiding the losses seen elsewhere as investors ignored news that the US had added another $16 billion in tariffs on Chinese goods overnight.

‘Despite a negative open from Glencore – the company slipped 1.3% as investors chose to overlook a 23% rise in interim adjusted earnings – the rest of the commodity sector started Wednesday in the green. This allowed the FTSE to hold above 7700, the index adding a handful of points to tickle 7730.

‘The pound’s abject August showed no signs of turning around on Wednesday. Though it managed to sit effectively unchanged against the dollar, cable still finds itself under $1.294, basically its worst price in 11 months. Against the euro, meanwhile, sterling continued to weaken, slipping 0.2% to duck below €1.114, a level not seen for 10 months.

‘Over in the Eurozone the DAX and CAC weren’t quite as lucky as the FTSE. With the euro strengthening against the dollar and the pound, the German index slipped 0.2%, taking it under 12650, with the CAC shedding 0.1% to sit at 5520.’


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