Advertisement
UK markets close in 56 minutes
  • FTSE 100

    8,312.69
    +99.20 (+1.21%)
     
  • FTSE 250

    20,382.90
    +218.36 (+1.08%)
     
  • AIM

    776.04
    +4.51 (+0.58%)
     
  • GBP/EUR

    1.1647
    -0.0013 (-0.11%)
     
  • GBP/USD

    1.2556
    -0.0008 (-0.07%)
     
  • Bitcoin GBP

    50,437.62
    -457.00 (-0.90%)
     
  • CMC Crypto 200

    1,314.84
    -50.29 (-3.68%)
     
  • S&P 500

    5,186.92
    +6.18 (+0.12%)
     
  • DOW

    38,958.83
    +106.56 (+0.27%)
     
  • CRUDE OIL

    77.86
    -0.62 (-0.79%)
     
  • GOLD FUTURES

    2,329.10
    -2.10 (-0.09%)
     
  • NIKKEI 225

    38,835.10
    +599.03 (+1.57%)
     
  • HANG SENG

    18,479.37
    -98.93 (-0.53%)
     
  • DAX

    18,367.63
    +192.42 (+1.06%)
     
  • CAC 40

    8,051.53
    +54.89 (+0.69%)
     

Stronger pound weighs on FTSE 100 as Brexit talks set to continue

FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain

By Devik Jain

(Reuters) - The FTSE 100 slipped on Wednesday as signs of progress in Brexit talks boosted sterling, putting pressure on companies that are big exporters, while a clutch of upbeat corporate earnings limited declines.

The export-heavy FTSE 100 <.FTSE> ended 0.6% lower on declines in pharmaceutical <.FTNMX4570> and bank <.FTNMX8350> stocks.

The mid-cap FTSE 250 <.FTMC>, considered a barometer for Brexit sentiment, added 0.3% after sources and documents said the European Union and Britain were set to continue negotiations on a Brexit trade deal beyond an Oct. 15 deadline set by Prime Minister Boris Johnson.

ADVERTISEMENT

"The fact that talks are going to continue suggests there is appetite on both sides for a deal and removes a certain amount of anxiety because there is no immediately pressing deadline to worry about," Connor Campbell, financial analyst at Spreadex, said.

After riding a global surge in equity markets on hopes of more stimulus, the FTSE 100 has come under pressure this week on growing domestic political frictions about new coronavirus restrictions to contain a surge in infections.

Johnson on Wednesday resisted a national lockdown and said he would stick to his localised approach, responding to opposition leader Keir Starmer's demand for a temporary national shutdown.

In company news, money manager Ashmore Group Plc <ASHM.L> jumped 7.7% after the company said a rise in assets under management during the first quarter more than offset net outflows.

London-listed shares of Just Eat Takeaway.com NV <JETJ.L> rose 6.4% as the food-ordering company reported a 46% jump in its orders during the third quarter.

Britain's biggest homebuilder, Barratt Developments Plc <BDEV.L> gained 1.7% after posting a near 17% jump in forward sales for the past three months, helping the broader sectoral index <.FTNMX3720> gain 0.3%.

But online fashion retailer ASOS Plc <ASOS.L> tumbled 10.3% as it said it was cautious on the outlook for consumer demand.

(Reporting by Devik Jain in Bengaluru; Editing by Rashmi Aich/Uttaresh.V/Jane Merriman)