FTSE 100 Dips As Investors Await US Election Results

By RTTNews Staff Writer   ✉   | Published:

U.K. stocks were moving lower on Friday as investors continued to wait for the result of the U.S. presidential election.

As votes continued to be counted and Democrat Joe Biden edges closer to victory, the Trump team is pressing legal challenges in several states.

The benchmark FTSE 100 dropped 39 points, or 0.7 percent, to 5,866 after edging up 0.4 percent in the previous session.

Housebuilder Redrow advanced 2.7 percent. The company said it expects to reinstate dividend payments at the half year and to be cash positive for the remainder of the financial year.

Shares of James Fisher & Sons plunged as much as 16 percent. The marine engineering services provider said that it did not see the improvement to trading conditions and the seasonal uplift it had been anticipating in the three months ended September 30.

Airline EasyJet tumbled 4.3 percent after announcing it has sold and leased back 11 aircraft with two counterparties.

Premier Foods rose over 1 percent. The company said it has sold its 49 percent stake in bread maker Hovis to U.K. private equity firm Endless.

RSA Insurance Group lost 2 percent after receiving a 7.1 billion-pound ($9.3 billion) takeover proposal from a two-headed consortium.

AVEVA Group tumbled 3.5 percent after it announced an underwritten rights issue to raise gross proceeds of about 2.835 billion pounds to partly fund the acquisition of OSIsoft.

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