FTSE 100 inches up as investors get ‘Trump Twitter fatigue’
The FTSE 100 squeaked in a higher close this afternoon, after spending much of the day in the red.
The index was dragged lower by the stronger pound and disappointing figures from Sage Group, but closed up 0.09 per cent at 7,264.56
Jasper Lawler, head of research at London Capital Group, said the mood in the markets today was calmer, and put it down to 'Trump Twitter fatigue'.
"For all the talk of a trade war and escalating tension in Syria, European markets have pulled off a third straight week of gains," he said.
"One explanation for the markets resilience is some Trump twitter fatigue. As investors, transparency helps decision-making but it can go too far. It is not just the Russians cheesed off with Trumps Twitter diplomacy, investors are too."
Following disappointing sales figures, almost £1bn was wiped off the value of Sage, the UK's biggest tech firm. It closed the day down 8.2 per cent.
Meanwhile Micro Focus gained 3.2 per cent on the back of reports that Elliott Management is taking a stake in the software firm.
Burberry's shares were up 0.8 per cent following the announcement of its new chairman Gerry Murphy.
"Gains in the pound have certainly helped stifle valuations," commented Joshua Mahony, market analyst at IG. "Traders are having a hard time trying to judge global developments, with the threat of a trade war and Western military involvement in Syria prompting a notably more cautious tone.
"The threat of a Syrian attack by the US and its allies at any moment has restrained market exuberance for the time being."
The FTSE 250 rose 0.3 per cent, led by a 7.2 per cent rise for TI Fluid Management and a 5.7 per cent jump for Greene King following yesterday's results.
Across the pond, better-than-expected results from JP Morgan Chase and Citigroup were not enough to lift American stocks. US indices are trading lower, with uncertainty over President Trump's approach to Syria weighing on sentiment.