Traders lock in profits after Iran deal

In mid-morning trading the FTSE 100 is down 30 points as profit taking sets in.

Equity markets had a good run yesterday as western governments struck a deal with Iran; trading sanctions will be lifted in exchange for Tehran curbing some of its nuclear activities. Today traders are dealing with the fallout of the agreement and locking in their profits. Airlines are continuing to soar as the Iranian deal should ease tensions in what can be a volatile part of the world, which will lead to a more stable oil price.

Mineral extractors are under pressure today after UBS lowered its forecast for gold, as the precious metal heads towards its first annual loss in 12 years. Other investment banks may follow suit. 

Mitchells & Butlers shareholders are merry this morning, as the pub and restaurant group revealed a 81% jump in full-year pre-tax. With silly season just around the corner the drinks will keep flowing. 

Investors who don’t own De La Rue shares are green with envy as the bank-note printer surged 9% after cost-cutting lead to a jump in profits. 

In the US we are expecting the Dow Jones to open five points higher at 16,077, as the benchmark hit another record high yesterday. 

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