LONDON: The London stock market slid Friday as investors shrugged off news of a terror attack in the British capital and instead took their cue from the surging pound.
Sterling shot up after a Bank of England policymaker signalled a rate hike for “the coming months,” after UK borrowing costs were this week left on hold at a record-low 0.25 percent.
Comments from BoE policymaker Gertjan Vlieghe echoed the central bank’s signal this week that the first rate increase in a decade could come in “coming months,” pushing the pound past the $1.36 mark for the first time since Britain voted to leave the EU.
That left it up over 1.5 percent and a full two cents above the $1.34 it touched after Thursday’s BoE policy decision, and it put sterling on track for a 3.3 percent weekly gain on a trade-weighted basis — its best performance since February 2009.
Markets reacted little meanwhile to an attack on a London Underground train at Parsons Green, southwest London, which police are treating as a terrorist incident after a number of people were injured.
“Londoners and markets alike take these sorts of incidents in their stride,” ETX Capital analyst Neil Wilson told AFP.
“The FTSE’s drop today is by and large about the pound’s rally, as that depresses the foreign earnings of lots of the big blue chips.”
In late morning deals, the British capital’s FTSE 100 index of top companies slid 1.1 percent as sterling rebounded.
“The FTSE is suffering at the hands of a rampant pound,” added IG analyst Joshua Mahony.
Euro zone trading was muted on Friday with Frankfurt and Paris stocks holding steady ahead of the weekend pause.
London stocks slide as pound soars to highest level since Brexit
London stocks slide as pound soars to highest level since Brexit
Stc partners with Qiddiya as Six Flags official connectivity provider
RIYADH: Saudi stc Group has announced its partnership with Qiddiya as the official connectivity partner for the Six Flags theme park, providing telecom services, smart city solutions, and an integrated digital infrastructure in line with global standards, coinciding with the park’s official opening.
Under the partnership, stc will deliver an advanced digital ecosystem to enhance visitors’ experiences at Qiddiya, offering high-performance connectivity and smart technologies to facilitate entry and manage visitor flow within the park, ensuring a seamless and safe experience.
The collaboration reflects stc’s commitment to providing advanced digital infrastructure that supports Qiddiya’s ambitions and elevates the visitor experience.
By leveraging smart connectivity, smart city technologies, and innovative payment solutions, stc aims to deliver an integrated and streamlined experience across the destination.
The initiative also highlights stc’s role in supporting the tourism and entertainment sectors with world-class digital infrastructure that aligns with Saudi Arabia’s vision and future goals.
