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National Grid and SSE buck FTSE falls as investors seek havens

Discussion in 'Market News' started by Lily, Sep 26, 2016.

  1. Lily

    Lily Forum Member

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    Utility stocks in demand as leading index drops on cocktail of concerns

    As leading shares continue to head lower - on track for their worst day for two weeks - stocks with defensive qualities are in demand.

    In particular this means utility shares are bucking the downward trend, with National Grid up 6.5p at £10.81, SSE adding 5p to £15.39 and Severn Trent 2p higher at £24.74.

    It’s one of those mornings where investors have woken up with the fear. The fear of a strong Trump performance in the US presidential debate this evening, the fear of more ineptitude from OPEC at their meeting in Algiers later in the weak, the fears of a ‘hard’ Brexit, the fears of further collapse from Deutsche Bank, which has fallen around 6% since the day began...

    This left the FTSE with a 1% decline (admittedly a tad smaller than earlier in the session), with 1.4-1.5% falls for the DAX and CAC respectively. The tremulous tone of trading meant that the fact the German Ifo business climate reading hit a 2 year high of 109.5 fell on deaf ears, investors choosing to focus purely on the negative side of things instead.

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