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FTSE looking for direction

The FTSE is seesawing with no clear direction at the end of a week that saw the index gain 6.8%, one of the largest weekly gains since mid 2017. The slightly stronger pound played a role, helping domestic facing firms, but the market’s pre-holiday wind down mode was reflected in index’s frequent changes of tack  Other European gauges are also higher boosted by a positive close on Wall Street.

NMC Health drops 11%

NMC Health is still being buffeted by a damning report from research firm and short seller Muddy Waters which questioned the financing of some of the company’s projects and reported profits and debt. Though the Abu Dhabi-based health care firm published a detailed rebuttal to the report it helped little and shares this morning dropped another 11.5% after the company had already lost almost £2bn of its value this week.

Last Brexit vote of 2020?

In what is likely to be the last Brexit vote of 2020 Parliament is due to vote on Boris Johnson's deal to leave the European Union on Friday, the deal which won preliminary approval from MPs even before the election. The pound is stronger against the dollar and the euro as for the first time since Theresa May came into power the PM’s proposal has an actual chance of being approved given that now Conservatives enjoy a large enough majority to vote it through. If there is a “yeay” later today the deal will be ratified after Christmas.

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