Footsie sees disappointing end to week

The Footsie suffered a second day of losses despite strong UK manufacturing and industrial data that outstripped economist expectations.

A stronger pound weighed on the index, which ended the day down 51.11 points at 7,432.99 points.

It came after official statistics showed that Britain’s industrial sector has enjoyed its strongest run for nearly 25 years in September.

David Madden, a market analyst at CMC Markets UK, said: “The growth rate was higher than economists’ expectations. The announcement spurred buying in sterling again as it has been trading within a tight range recently. The pound’s push higher since March is still in place, although it has been a bit lethargic lately.”

London Stock Exchange shares edged lower by 13p to 3,720p after confirming it would hold an extraordinary meeting before Christmas to decide the fate of its chairman and chief executive following intense pressure from an activist investor.

The meeting was called for by the Children’s Investment Fund Management (TCI), in hopes of removing chairman Donald Brydon, having accused him of pushing out CEO Xavier Rolet.

Easyjet shares rose 5p to 1,275p amid news that travel sector veteran Johan Lundgren would replace long serving Carolyn Mccall as chief executive on December 1. Mccall will remain with the airline until the end of the year to assist with the transition, the company said.

Ferguson – formerly Wolseley – dropped 20p to 5,295p as the plumbing supplier offloaded its Nordic building materials business.