FTSE 100 drops even as sterling keeps falling
On Monday, British shares dropped, as the market revealed signs of running out of steam having pushed record peaks as the British pound fell.
The FTSE 100 lacked 3 points or 0.1%, tumbling to 7,040.30, with only the industrial as well as consumer-related sectors reporting revenues.
The previous week the London benchmark ascended 2.1% and got closer to all-time peaks, driven by an ongoing decline in the British pound against the greenback. A lower sterling has been backing the FTSE 100, that’s heavily weighted by multinationals, including miners, boasting decent overseas sales.
Stocks of a number of miners traded higher on Monday. For instance, Fresnillo PLC rose 1.6%, Antofagasta PLC acquired 1%, while Anglo American PLC grasped 0.9%. Additionally, closely watched gold prices were also seeing revenues on Monday.
However, the index was lackluster even with the pound moving down on Monday.
Shares of EasyJet PLC made their way to the bottom of the FTSE 100, losing up to 3.6%.