FTSE 100 falls 2.75% as Powell pummels equitiesOn May 14, 2020 by Thomas Belayneh
Following Jerome Powell’s particularly sobering speech for equity markets regarding the expected slow recovery for US growth, UK blue chips fell a calamitous 2.75% as wider risk sentiment flailed.
3i Group (Ticker:III), a mid-market private equity group in the UK, rose an astonishing 6.3% as the FTSE 100’s biggest riser held their dividend in light of dire profit projections of companies in their portfolio.
The Sage Group (Ticker:SGE) known for its widely used accounting software was the FTSE 100’s biggest faller at 7.08%. Following the company’s half-year results presentation on Wednesday, investors were disdained at management’s grapple with tepid new customer growth and a fall in their organic operating profit margin.
Sage also booked a £13m increase in bad debt provisions in relation to Covid-19.
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