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“The FTSE100 opened on the front foot with sterling mildly lower against the dollar and euro, as markets assessed US President Donald Trump’s decision to withdraw from the 2015 Paris climate agreement, a move which has dismayed many US companies. On the economic front, the UK's construction PMI will be under scrutiny this morning while this afternoon the focus will be on US employment data and its trade balance,” says AJ Bell Investment Director Russ Mould.
“Communications provider Inmarsat topped the FTSE250 board after Qatar Airways became the first Middle East megacarrier to select the group’s new GX Aviation in-flight broadband solution and it ordered a new satellite to increase capacity. The new satellite is expected to launch in 2019 and will provide capacity across the Middle East, Europe and the Indian subcontinent. The payload will seamlessly become part of Inmarsat's existing GX high-speed global broadband network. Inmarsat’s shares were up by more than 2% in early trading.
“Metro Bank was up in early trading after it completed the purchase of a portfolio of UK mortgages, principally in the buy-to-let sector, from Cerberus European Residential Holdings for £596.7m. The portfolio is well diversified across the UK and has a similar credit risk profile to Metro Bank's current mortgage book. Metro Bank’s shares were up by over 1.2%.
“Cohort’s shares were up after its MCL subsidiary clinched two contracts with the Ministry of Defence worth £5.5m for hearing protection and in-ear communication devices. These follow similar contacts in 2015 and earlier this year and cement MCL’s position as the MoD's leading supplier of hearing protection systems for the military. Cohort’s shares were up by more than 3.2%.”
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