Belfast Telegraph

Dow Jones hits record high as US markets split on Donald Trump win

The Dow Jones Industrial Average hit a record high as US markets took a divided stance on Donald Trump's shock presidential win.

Investors' view of Mr Trump as a pro-business president began to take hold, causing the Dow to smash its intraday record and surge more than 150 points to 18,767.8 as the London market closed.

However, the technology-focused Nasdaq composite took a sour view of the president-elect - falling 83.86 points to 6,827.98 at one stage - amid fears that his protectionist policies and clampdown on immigration would make life difficult for tech companies employing overseas workers.

London's top flight also lost its morning gains, sinking 83.86 points to 6,827.98, after precious metals stocks took a tumble following a heady rise in the previous session.

Gold mining stocks were in ascendency on Wednesday when investors raced for safe havens after the billionaire tycoon won the race to the White House.

However, shares in Randgold Resources fell 10% or 730p to 6,385p as concerns eased over America's future with Mr Trump at the tiller.

The London market was also suffering from a strong rally from the pound, which rose 0.9% against the US dollar at 1.252 and 1.3% higher versus the euro at 1.151.

Across Europe, Germany's Dax was down 0.2% and the Cac 40 in France was 0.3% lower.

Asian markets recovered losses seen on Wednesday to rocket nearly 7% higher and Hong Kong's Hang Seng rose 1.9%.

The price of oil tumbled 1.3% to 45.75 US dollars a barrel, as the market turned its attention away from the US election and towards the Opec meeting on November 30.

Brent crude was taking a hit as concerns re-emerged over whether the cartel can push through a deal to support prices by cutting supply.

In UK stocks, London-listed Irish pharmaceutical firm Shire rose another 4%, or 186p to 5,083p, as drugs companies were given a Trump bump as traders speculated over the negative implications for Obamacare.

But in a contrast of fortunes, rival pharmaceutical firm AstraZeneca was down 171p to 4,404.5p after positing weaker-than-expected third quarter results.

The Anglo-Swedish firm said total revenues dropped 4% to 5.7 billion US dollars (£4.6 billion) in the three months to September 30, as its top-selling drug took a hit from the launch of a number of Crestor generic medicines.

Pre-tax profits slipped 27% to 676 million US dollars (£544 million) over the period, as sales of Crestor and Nexium dropped by 82% and 50% respectively.

Guinness giant Diaego was down another 3%, or 74.5p to 1,992.5p, as the firm is seen as being one of the worst hit by Mr Trump's victory and the falling dollar, given that it makes a large proportion of profit in the US.

The biggest risers on the FTSE 100 Index were Antofagasta up 73.5p to 715p, Prudential up 105.5p to 1,531p, Glencore up 14.8p to 285p, Royal Bank of Scotland up 10.4p to 202.7p.

The biggest fallers on the FTSE 100 Index were Mediclinic International down 144p to 776p, Fresnillo down 195p to 1576p, Randgold Resources down 730p to 6,385p, 3I Group down 51p to 604.5p.