Market News & Analysis
FTSE drops, NMC leads the way
Fiona Cincotta January 8, 2020 11:04 PM
Abu Dhabi-based hospital operator NMC Healthcare dropped 15% in early trade after two of its main shareholders said last night they would sell around $490 million worth of their holdings in order to reduce their debt.
Airlines and travel operator TUI are losing ground in reaction to another crash of a Boeing plane. The plane operated by Ukrainian Airlines crashed after takeoff just kilometres away from Tehran and although UIA confirmed that it was unrelated to any terrorist action it is too early to tell whether the burden of responsibility here lies with Boeing - as it was a different plane from the grounded 737 Max - or the airline itself.
Sainsbury reported lower third quarter sales causing shares to slip but the decline was relatively modest at 0.36% in a signal that the overall UK retail confidence may be improving slightly now that the election is over and Brexit is firmly on course. This is also borne out by Halifax’s report that UK house prices rose to a 13-year high in December following a rise in November.
Oil spikes then eases
Oil prices remain at the mercy of geopolitics and are whipsawing in sync with military action in the Middle East. Brent crude spiked to $70.88 immediately after the Iran strike news but has since given up a large portion of the gains to trade 0.42% higher. The actual threat to supplies from the Middle East seems relatively small at the moment with traffic through the Straits of Hormuz running smoothly.
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.