Pound’s rally sees Footsie suffer slide

The pound reaching its highest level since Brexit took its toll on the stock market.

Currency-sensitive shares from miners to financials led the declines which saw the FTSE-100 index at the close down 79.92 points at 7,215.47, although it had fallen to below 7,200 during the day.

Jasper Lawler, head of research at London Capital Group, said: “What’s good for the pound is not so good for the FTSE 100. Britain’s main share index was bashed to new post-uk election lows thanks to the rapidly rising Sterling.

“Once the FTSE 100 gave up 7,300, its floor over the past two months, the floodgates were open and it promptly fell below 7,200.”

Risers included JD Sports after it splashed out £5.5 million for a 15 per cent stake in South Korean shoe retailer Hot-t as part of a joint venture that will see the firm expand in the region. The firm also has an option to acquire a further 35 per cent of Hot-t. Shares rose 11.1p to 383.2p on the announcement.

Pubs group JD Wetherspoon also gained 145p to 1,189p after it posted rising full year sales and profit.

Online estate agent Purplebricks was unchanged at 389.75p despite news it is to launch in the US as it looks to tempt Americans to desert traditional high street firms. The company will first set up shop in Los Angeles before extending across California, with other states also on the hit list.

Shares in Barclays fell 3.15p to 186.6p over reports city regulators have called in its chief executive for a second interview over a whistleblowing case.