FTSE remains downbeat on election fears

Market report Emma Newlands

London’s FTSE 100 Index remained in negative territory and the pound gave back gains against the US dollar amid last-minute general election nerves.

The top tier fell 28.64 points to 7,449.98 as jitters over the result continued to weigh on stocks, with traders unconvinced over the polls.

Sterling fell 0.1 per cent to $1.29, having earlier hit a two-week high, although it edged 0.2 per cent higher to €1.15 as the single currency weakened after the latest European Central Bank forecasts.

The pound lost its earlier gains against the dollar amid general election poll uncertainty.

Among stocks in London, mobile phone giant Vodafone led the day’s declines, down 5 per cent or 11p to 218p.

Advertising giant WPP followed it on the list of share losers, down another 3 per cent or 45p to 1,631p after a 2 per cent drop the previous session following an update that revealed a slight slowdown in growth in April.

Elsewhere, regional airline Flybe rose 0.5p to 33.5p, despite swinging into the red with a £19.9 million pre-tax loss for the year to 31 March, compared to a profit of £2.7m the previous year.

But FTSE 250-listed classified cars website Autotrader dropped 13.2p to 418.5p in spite of annual figures showing profits accelerated last year.

The biggest FTSE 100 risers included Ashtead Group, up 48p to 1,640p, and Next ,66p stronger at 4,352p.

Thebiggestfallersincluded Imperial Brands, 79.5p lower at 3,547p, and Diageo, 45p weaker at 2,285p. The online fashion retailer leapt after revealing growing sales and its raising of £50 million through a share placing to help cope with spiralling demand. The private equity business revealed during the session that its chief financial officer Gavin Manson bought 446 shares at 1,847.77 pence per share.