London close: Footsie hovers near record-highs ahead of US tax cut vote
London stocks managed to just about hold their head above water on Tuesday, with optimism over the US tax reform bill failing to provide much of a boost as investors began to wind down for Christmas.
The top flight index was up 0.09% to 7,544.09 after hitting its highest level in over a month earlier in the session, while the pound was off by 0.17% against the US dollar at 1.3361 and 0.55% weaker versus the euro to 1.1297 as Michel Barnier, the EU's chief Brexit negotiator, ruled out any kind of special deal for the City of London.
Worth noting, at one point during the day the Footsie came within a half percentage points of its record highs at 7,598.99.
Spreadex analyst Connor Campbell said: "The markets have slipped into a bit of a lull this Tuesday, with the tax bill- boost dissipating as the morning went on."
On Monday, the Nasdaq, Dow Jones and S&P 500 all notched record highs again, with the Nasdaq crossing the 7,000 level for the first time in intraday trading as investors grew increasingly hopeful that the US tax reform bill will be passed in the coming days after critics of the reforms, Marco Rubio and Bob Corker, said they would back the plans.
In corporate news, Old Mutual rallied after it agreed to sell its single strategy business for £600m in a management buyout led by the division's chief executive Richard Buxton.
Petrofac gushed higher after it completed the migration of the Santuario production enhancement contract into an interest in a production sharing contract.
Indivior gained as it entered into an amendment with various lenders to provide replacement term loan facilities in an aggregate principal amount of around $484m, replacing all of its dollar and euro-denominated term loans outstanding under the existing credit agreement.
Shares of Acacia Mining on the other hand were lower after agreeing the sale of a non-core royalty over the Houndé Mine in Burkina Faso for $45m.
GoCompare racked up healthy gains as the price comparison website announced that it has agreed to buy MyVoucherCodes from Monitise for £36.5m in cash and said 2017 operating profit is expected to be at the upper end of market expectations.
UDG Healthcare fell after it announced the appointment of Nigel Clerkin as its chief financial officer, while BHP Billiton was weaker after saying that it is considering leaving the World Coal Association and the US Chamber of Commerce.
Associated British Foods and Saga were both hit by downgrades from RBC Capital Markets.
Market Movers
FTSE 100 (UKX) 7,544.09 0.09%
FTSE 250 (MCX) 20,341.51 0.43%
techMARK (TASX) 3,505.59 0.49%
FTSE 100 - Risers
Shire Plc (SHP) 3,920.00p 3.79%
easyJet (EZJ) 1,416.00p 2.83%
Carnival (CCL) 4,982.00p 2.83%
Old Mutual (OML) 218.80p 2.67%
Ferguson (FERG) 5,420.00p 2.26%
CRH (CRH) 2,600.00p 2.16%
Kingfisher (KGF) 339.50p 1.86%
Paddy Power Betfair (PPB) 8,735.00p 1.69%
Compass Group (CPG) 1,566.00p 1.62%
TUI AG Reg Shs (DI) (TUI) 1,510.00p 1.48%
FTSE 100 - Fallers
Mediclinic International (MDC) 579.00p -4.77%
Fresnillo (FRES) 1,326.00p -2.71%
Micro Focus International (MCRO) 2,485.00p -1.74%
Associated British Foods (ABF) 2,814.00p -1.68%
Mondi (MNDI) 1,827.00p -1.62%
3i Group (III) 901.00p -1.53%
BHP Billiton (BLT) 1,415.00p -1.32%
Rentokil Initial (RTO) 311.80p -1.17%
Anglo American (AAL) 1,465.00p -1.05%
Just Eat (JE.) 767.00p -1.03%
FTSE 250 - Risers
Sophos Group (SOPH) 569.00p 5.18%
Alfa Financial Software Holdings (ALFA) 548.00p 5.08%
Hikma Pharmaceuticals (HIK) 1,120.00p 4.48%
Coats Group (COA) 88.90p 4.40%
Euromoney Institutional Investor (ERM) 1,247.00p 4.34%
Capital & Counties Properties (CAPC) 297.30p 3.99%
Ted Baker (TED) 2,599.00p 3.50%
TalkTalk Telecom Group (TALK) 141.60p 2.61%
Inmarsat (ISAT) 468.60p 2.52%
AA (AA.) 161.00p 2.35%
FTSE 250 - Fallers
UDG Healthcare Public Limited Company (UDG) 843.00p -5.81%
IP Group (IPO) 137.17p -4.50%
NewRiver REIT (NRR) 329.30p -2.77%
Sirius Minerals (SXX) 22.02p -2.22%
RDI Reit (RDI) 34.39p -2.19%
Spire Healthcare Group (SPI) 240.00p -2.08%
IWG (IWG) 200.30p -1.96%
Polymetal International (POLY) 869.50p -1.92%
Genus (GNS) 2,526.00p -1.83%
Mitie Group (MTO) 191.10p -1.60%