Market blown off course by Irma concern

London’s top-flight index drifted lower as investors braced for the impact of Hurricane Irma on the United States.

The FTSE 100 index was down 19.38 points to 7,377.6, as the hurricane barrelled towards the Florida coast after devastating islands and killing 14 people, according to reports.

Analyst David Madden at CMC Markets UK said: “Stocks in Europe are largely lower as investors are preparing themselves for Hurricane Irma to descend on the US.

“Market volatility and the trading range of indices has been low as investors unwind their positions ahead of the weekend.”

Pub group Greene King saw its share price sink more than 15 per cent as it blamed falling consumer confidence, rising costs and bad weather for a slump in first quarter sales.

“We remain cautious about the trading environment and expect the challenges of weaker consumer confidence, increased costs and increasing competition to persist over the near term,” Greene King said.

The firm added that over the course of the year, most of the sales decline can be attributed to value food, although more recently it saw “some softening across other segments”. Shares closed down 103.5p at 555.5p.

Trinity Mirror was also nursing losses as traders reacted to the announcement that it was in talks to buy 100 per cent of Daily Express group Northern & Shell.

The publisher of the Daily Mirror sunk to close down 4.5p to 86.3p, after it said that it has “ceased discussions to acquire a minority stake” and is instead in talks to buy the publisher.