» » UK Market Narrative Wed 13 March 2019: Hammond’s Spring Break boosts GBP

UK Market Narrative Wed 13 March 2019: Hammond’s Spring Break boosts GBP

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Meaningless voting by the UK government on its Brexit withdrawal agreement had limited effects on the UK markets although GBP took some cheer from the UK’s stymied political morass and rallied over 1% to above $1.32. Additionally, Philip Hammond’s Spring Statement today also gave GBP a boost with his £26.6 billion war chest. The UKX was up 0.1% on the day while the MCIX rallied 0.3% and the AIM All-Share gained 0.2% with the TechMARK up by a similar amount.

Oil’s continued rally boosted the O&G Sector which gained 1.2% on the day while Mining rallied 0.6%: Tobacco fell over 3% on continued BATS litigation worries : T&L gained 0.3% despite GVC losing another 4.6% while Life Insurance was up 0.6% and FS up 0.4%.  As well as Tobacco, Utilities was down 0.9% with Gen Retail down 0.5% as  NXT, MKS and KGF all slid 0.5% while JE. lost 2.3% . Banks were also down 0.4%.

Gold rallied 0.6% on the day with iron ore up almost 1% and copper flat

In market sentiment, FTSE VIX rose 5% to 13 while EU VIX dropped to 14 with the CBOE VIX at a similar level. All of these suggest a level of complacency and risk-off

(click the links below to open each daily report in a new window)

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