(MENAFN- ProactiveInvestors) A surprise move by the Swiss central bank to get rid of the price gap for the country's currency against the Euro sent UK shares down at the midday point.
FTSE100 is down around 13 points at 6365 at the time of writing as analysts and markets were caught on the hop.
Keeping the Sw Fr at 1.20 against the EURO had became increasingly expensive for the bank as it sold the currency and bought up other currencies like sterling and US dollars but it had meant the currency had been tracking the Euro's decline against the dollar.
The move on Thursday sent the currency soaring in chaotic trade before it settled at around 1.05
David Madden at IG Index said markets are still trying to work out the move :"Equity markets have been shaken out by the Swiss move and dealers are seeking the safety of the US dollar."
He added: "Inevitably the question of how this links to European Central Bank quantitative easing is being raised."
On Footsie the biggest loser was DIY chain owner () down 2.83%.
Elsewhere Argos and Homebase owner Home Retail () has taken a battering - down over 7% - after a disappointing update on Christmas trading.
Gold mining giant Randgold () was the biggest gainer - up 3.45%.
() notched up almost 2% as its Primark stores continued to have their finger on the pulse of the cost-conscious British consumer; unfortunately a strong performance by the cut-price clothing chain was offset by continued tough times in its sugar divisions where prices continue to slump.
FTSE 100 oiler Tullow () also nudged up over 1% despite today writing off US$2.3bn from the value of exploration work and some of its assets.
The group which is primarily an African business put its UK and North Sea headcount under review this week as well.
() added 2% after it unveiled cuts to hundreds of North Sea oil jobs amid collapsing crude prices.
The biggest gainer in London was () formerly African Consolidated which was up almost 30%.
On December 10 last year the firm said it had raised £1.59mln via a share placing which will help fund the development of opportunities in Romania.
Also up 20% was TyraTech () which today announced a new chief financial officer (CFO) to replace Daniel Williams who is retiring.
Vince Morgus takes over as CFO and treasurer with immediate effect. Iodine specialist () also gained over 12% on the day.
Earlier this week it revealed crystalline iodine production was up 90% last year and predicted 2015 would be “exceptional".
“A stronger balance sheet improves our negotiating position in joint venture and acquisition discussions."
On the flip side shares in gold explorer () slid as it said it had raised £600000 though a discounted placing at 0.3p.
Mark Jones chief executive said despite the discount he was delighted to have raised the money in difficult market conditions for the natural resources sector.
Shares in Gulf Keystone Petroleum () and () nudged higher as broker Cantor named them as ’top picks’ for the first half of 2015.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.