Rolls-Royce: FTSE 100 giants shares eye all-time high in tariff comeback
Shares in aerospace giant Rolls-Royce were back on the march to an all-time high after a tariff salvo from the US sent the City giant’s stock tumbling.
The FTSE 100 titan’s stock was up 1.6 per cent to 1,250.50p on Tuesday morning, making it one of the top risers on the blue-chip index.
The Derbyshire-headquartered group, which is worth a mammoth £105bn, have been hailed as one of the London stock market’s top stocks after gaining over 100 per cent last year.
But the firm faced a hit following the latest trade offensive form President Donald Trump, which slapped sweeping ten per cent levies across the US’ Nato peers for their staunch defence of Greenland.
Rolls-Royce slumped some eight per cent with its stock price losing over 100p in the week that followed as tension flared over Greenland’s sovereignty.
Trump announced his latest instance of a so-called ‘TACO’ Trade (Trump Always Chickens Out) on 22 January.
Despite this, Rolls-Royce shares took a modest tumble again last week after announcing it had won a Delta Air Lines order 62 new engines.
Rolls-Royce climbs up City’s top firms ranking
Rolls-Royce’s Tuesday rally follows the firm notching an all-time high of 1,305.00p in mid January.
Last year in the midst of Trump’s ‘Liberation Day’ tariff onslaught the stock fell to lows of 659.00 as exporters felt the crunch of the White House’s erratic trade policy.
Rolls-Royce lost some 19 per cent in the week Trump took to the White House gardens with a sandwich board that slapped sweeping levies on the US’ trading partners.
After Trump rowed back the blue-chip continued its rally finishing the year with a stock price of 1,150.00p.
The firm entered the top five most valuable companies on the London Stock Exchange and is chomping at the heels of Unilever, which is inches in front at a £108bn market cap.
Last month, HSBC overtook Astrazeneca to become the City market’s most valuable firm.