Footsie eases back after hitting record

Market report Perry Gourley

Marketjittersasfurtherpollswerepublishedon the general election outcome saw the FTSE100 end the day down despite hitting record highs during the session.

At one point the index reached 7,586.45, before giving up its gains at the close to finish 6.56 points down at 7,519.95.

The London market had been buoyed earlier in the session by sterling’s weakness after a Yougov poll pointed to a smaller Conservative lead and a hung parliament, with the Tories forecast to lose 20 seats.

Neil Wilson, senior market analyst at ETX Capital, said the pound was on course for a “tumultuous week” ahead of the vote

The price of oil sank to a three-week low, with rising output in Libya exacerbating concerns about the potency of Opec’s production cuts and the likelihood of it reducing overall supply in the market. Brent crude was down 3.4 per cent to $50.47 a barrel.

Supermarket giant Tesco was suffering after a fresh tranche of industry data showed rivals Aldi and Lidl had grown at their fastest rate since 2015. The two German discounters reached a joint record market share of 12 per cent as inflation cost families an extra £27 on groceries over the past 12 weeks, Kantar Worldpanel figures show. Shares in Britain’s biggest supermarket were down 1.7p to 183.7p.

Away from the top tier, London-focused housebuilder Telford Homes eased back despite delivering record annual profits. Shares were down 9p to 421.5p as the group posted a 5.9 per cent rise in annual pre-tax profits to £34.1 million. The trading and spreadbetting firm said it expects profits and revenues to be ahead of last year after a strong overall performance. The financial services firm said finance chief Stuart Bridges has stepped down from the board and will leave the company later this year.