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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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.