Pound hits $ 1.42 as economy comes to life

SSnoop Dogg-backed cannabis research firm hares jumped 50% in its market debut as investors took the opportunity to invest in the emerging industry.

Oxford Cannabinoid Technologies, which develops pain relievers based on cannabis compounds, climbed early in Friday after the shares were listed on the London Stock Exchange.

The company’s share price hit 7.50 pence before later dropping to around 4.875 pence, just slightly below the list price.

Oxford Cannabinoid Technologies (OCT), whose shareholders also include tobacco giant Imperial Brands, said it has raised £ 16.5million in a placement – money that will go to its efforts to market a cannabis-related drug for use in relieving pain in the next. six years.

Flutter Entertainment, the Irish bookmaking holding company created by the merger of Paddy Power and Betfair, climbed to £ 129.30 from the previous close of £ 126.70.

At the opposite end of the index was Kingfisher, who spent the day slipping on the index finger.

The owner of B&Q fell to 354.40p and ended the day 4.5% lower than the previous close, after the company said product shortages are expected to last for six months and investors wondered how businesses that had exploded during the lockdown could maintain their momentum.

British land stocks were also weaker ahead of the release of their annual figures next week. Analysts expect them to show that 82% of rents have been collected for fiscal 21.

the FTSE 100 traded flat for most of the day on Friday, despite new data showing the UK economy is experiencing an ‘unprecedented growth spurt’ as it emerges from lockdown.

After falling below 7,000 in the morning, London’s main index was down 1.75% to close at 7,018.05 in a choppy week where the index hit a one-week high and a six-day low in just 24 hours.

The pound rose to $ 1.42 at some point on Friday, as the Bureau of National Statistics said retail sales jumped 9.2% in April, double the rate economists expected.

Finally, it closed up 0.02 pc against the US dollar, $ 1.418, and rose 0.03 pc against the euro at € 1.162.

Bitcoin fell back to $ 40,000 after this week’s cryptocurrency shock triggered by regulatory fears in China.

The coin managed to maintain the level of $ 40,000 for most exchanges in London until late afternoon, Chinese Vice Premier Liu He reiterated the government’s intention to quell mining and Bitcoin trading, slipping the currency to $ 36,756.24, down 8% just after London closed.


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Nancy Owens

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