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FTSE 100 movers: Burberry, Fresnillo under the cosh
(Sharecast News) - London's FTSE 100 was down 0.4% at 10,162.50 in afternoon trade on Wednesday. Burberry was under the cosh amid a stronger pound and after disappointing results from French luxury group LVHM.
AstraZeneca and GSK, both of which derive a significant chunk of their earnings in US dollars, also fell as the dollar tanked.
Susannah Streeter, chief investment strategist at Wealth Club, said: "The dollar has shot off on another slippery slide, as Trump's spin on the currency's decline sparked another drop in confidence. The dollar's drop is giving extra shine to gold, which is on a seemingly unstoppable run upwards.
"The pound is now at levels not seen since September 2021, touching $1.37 before falling back slightly. The sharp moves in currencies, with sterling strengthening are acting as a dampener on the FTSE 100. It puts pressure on the overseas earnings of listed multinationals."
Precious metals miner Fresnillo was the worst performer on the index, however, after a fourth-quarter production update.
FTSE 100 - Risers
Metlen Energy & Metals (MTLN) 45.65p 2.70% Scottish Mortgage Inv Trust (SMT) 1,232.00p 1.82% Ashtead Group (AHT) 5,120.00p 1.71% Bunzl (BNZL) 2,052.00p 1.68% Diageo (DGE) 1,636.00p 1.65% DCC (CDI) (DCC) 4,654.00p 1.62% The Sage Group (SGE) 1,005.50p 1.61% Legal & General Group (LGEN) 264.60p 1.50% Marks & Spencer Group (MKS) 370.50p 1.42% Shell (SHEL) 2,735.00p 1.41%
FTSE 100 - Fallers
Fresnillo (FRES) 3,984.00p -3.77% Burberry Group (BRBY) 1,136.00p -2.91% Airtel Africa (AAF) 351.00p -2.66% AstraZeneca (AZN) 13,540.00p -2.45% GSK (GSK) 1,817.00p -2.44% Melrose Industries (MRO) 629.00p -2.02% InterContinental Hotels Group (IHG) 133.35p -1.95% Smiths Group (SMIN) 2,568.00p -1.83% Informa (INF) 877.20p -1.79% Rentokil Initial (RTO) 469.30p -1.68%
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