FTSE’S losing streak despite bookies’ gains

Market report Emma Newlands

Britain’s betting giants enjoyed a winning streak after Ladbrokes Coral revived takeover talks with GVC, the owner of online rival Foxy Bingo.

Ladbrokes Coral soared on the second tier after the pair revealed “detailed” discussions over the potential tie-up.

William Hill was also having a strong session on the FTSE 250 after it reached an agreement with US firm Scientific Games over a planned takeover of betting and gaming company NYX. Shares lifted 23.6p to 315p

However, the FTSE 100 Index closed down 27.28 points at 7,320.75 as insurance and mining stocks dragged on the top flight. Shares in Rio Tinto dropped 58p to 3,440.5p, for example.

David Madden, market analyst CMC Markets, said: “The mining sector is under pressure as iron ore futures and coke futures in China fell by 7.5 per cent and 8 per cent respectively… traders were concerned about declining demand during winter.”

On the currency markets, the pound rose 0.3 per cent against the US dollar at $1.34 despite continued uncertainty over the Brexit divorce deal. Sterling was also 0.3 per cent higher versus the euro at €1.13.

In UK stocks, Sky shares rose 9p to 997p as rumours intensified that 21st Century Fox was edging closer towards a deal that could see Disney buy a significant slice of its media empire.

The biggest risers on the FTSE 100 included Pearson, up 16p at 737p, and Vodafone Group up 3.1p, at 227.9p.

The biggest fallers included Associated British Foods, down 68p at 2,852p, and Direct Line Insurance Group, down 7.9p at 357.1p. Gambling giant Ladbrokes Coral is in “detailed” talks over a takeover by online rival and Foxy Bingo owner GVC in a deal worth up to £3.9 billion. Investors were continuing to take a dim view of the department store chain ahead of the crucial festive period following short-selling earlier this week.