More tension for sterling as Brexit tensions climbed with the Prime Minister trading blows at the EU today. But first, trading on London’s FTSE 100 ended 15 points lower at 7,234.53, down -0.21%.
The biggest riser was Sage Group, up 3% to 704p on the back of better £180m H1 pretax profits and a bullish outlook on full year guidance. Chemical technologies company Johnson Matthew was up 2.86% at 3094p.
The biggest FTSE 100 faller by some margin was grocer Sainsbury’s, down 5.47% to 264.20p. Sainsbury’s 8.2% fall in profits, announced this morning, clearly spelt out a warning on higher costs not to mention flailing UK consumer confidence.
Supermarkets struggle and sterling under pressure
The Sainsbury’s worry helped contaminate the value of Tesco shares, which fell -3.52% to 176.55p. Morrisons shares also dipped, down -1.27% to 239.31p.
Irish bookie Paddy Power saw its shares slip almost -4% while miners Glencore and Anglo American endured more gloom, down -3.68% and -3%. Outside the FTSE 100, housebuilder Galliford Try saw its shares tank by 10% to 1,306p as cost construction contracts were re-aired.
A harder line from Prime Minister Theresa May earlier saw sterling slip 0.26% against the dollar to 1.2903 and 0.12% against the euro to 1.1824 (4.30pm). The tough tone of the Prime Minister’s speech was clear.