MARKET REPORT

THE pound dipped again yesterday as Brexit tensions and questions around Theresa May’s leadership fuelled uncertainty.

Sterling was down 0.57% against the US dollar, trading at 1.290.

But the pound held its own against the euro, as the latter took a knock from disappointing economic data. Sterling was trading almost flat on the common currency at 1.132 euros.

The weaker pound helped the FTSE 100 to inch back up following Tuesday’s losses, though the index still closed well below the 7,000 point mark at 6,962.98. This marked an increase of 7.77 points of 0.11%.

On the London market, shares in Barclays were up 4.94p to 170.7p as it reported a rise in third-quarter profits. The group posted a rise in pre-tax profits from £1.11bn to £1.46bn in the three months to September 30. The figures were helped by the absence of misconduct charges which dragged down first-quarter results.

Meanwhile Stobart shares recovered from an initial drop earlier in the day after half-year accounts showed it had swung to a loss. The firm, which owns Southend Airport, posted a £17.5m loss in the first six months of the year, compared with a profit of £111.9m in 2017. But following a tumble to as little as 197p in morning trading, shares regained ground to close up 0.5p at 215.5p.

Shares in Patisserie Holdings, the troubled parent of Patisserie Valerie remained suspended on London’s junior market yesterday evening, although the company said a winding-up order issued against a subsidiary had been dismissed in court.

On the oil markets, prices rose as attention returned to impending sanctions on Iran. A barrel of Brent crude was trading 0.8% higher at 76.76 US dollars.

The biggest risers on the FTSE 100 were BT Group up 9.75p to 250.2p, Wood Group up 25.2p to 706.8p, Ocado up 28.4p to 801.2p and Barclays up 4.94p to 170.7p.

The biggest fallers on the FTSE 100 were Fresnillo down 39.2p to 938p, Antofagasta down 29.4p to 727.2p, Smurfit Kappa down 98p to 2,424p and Micro Focus down 48.5p to 1,268p.