FTSE remains uncheered by spring Budget

Market report Emma Newlands

The pound floundered at seven-week lows while the FTSE 100 dipped into the red as the spring Budget failed to excite investors hoping for more Brexit details.

Sterling fell almost 0.4 per cent against the US dollar to trade near $1.214, its lowest level since mid-january. It was also hovering at seven-week lows against the euro, down around 0.2 per cent at €1.151.

The FTSE 100, meanwhile, ended the day down 4.38 points at 7,334.61.

It comes after Chancellor Philip Hammond unveiled his Budget, outlining plans to raise taxes for the self-employed and lowering the tax-free dividend allowance by 60 per cent.

But Connor Campbell, financial analyst at Spreadex, said the Budget’s lack of detail on the UK’S exit from Europe “is likely why the reaction from the market has been so muted”. In UK stocks, Barclays rose 5.25p to 232.3p. The bank said it had begun redundancy talks with 180 staff after announcing its mortgage centre in Cardiff will close next year.

Legal & General shares fell 5.4p to 248.8p despite the insurer saying annual pre-tax profits jumped 17 per cent to £1.6 billion in 2016, helped by surging annuity sales and a raft of new business for its retirement arm.

The biggest risers on the FTSE 100 included Worldpay, up 13.2p to 285.7p, 3I Group ,up18p to 723.5p, and Paddy Power Betfair, up 150p to 8,420p.

The biggest fallers included Randgold Resources, down 165p to 7,000p, Anglo American, down 22.5p to 1,204.5p, and Hikma Pharmaceuticals, down 37p to 2,078p. Shares in the security and outsourcing giant surged after it reported a 13.9 per cent hike in underlying pretax profits to £352 million for 2016. The Londonfocused estate agent fell after reporting a 54 per cent drop in annual profits, with a slowdown in sales after the Brexit vote.