FTSE into the red as traders bank profits

Top-flight stocks were knocked back in trading as investors banked profits after a surge on the index the previous day.

Traders cashed in on investments on Wednesday, with the FTSE 100 closing 50.79 points lower at 7,658.26.

David Madden, market analyst at CMC Markets, said: “Stocks are in the red as traders lockin profits in the wake of yesterday’s strong session. Dealers await the meeting between President Trump and the European Commission’s Jean Claude Juncker.

“Mr Juncker will be on the charm offensive to try and avoid hefty tariffs being imposed on EU cars that are imported into the US.”

Glaxosmithkline’s shares edged down 14.4p to 1,542.4p after it announced a restructuring programme to slash £400 million in annual costs and bolster research spending. Vodafone reported a revenue hit amid woes in Italy and Spain and an ongoing price war in India, knocking shares 2.56p to 175.1p.

Clothing and homeware brand Joules’ shares were down 3p by the close to 343p, despite the retailer beating the high street gloom with underlying profits before tax surging 28.5 per cent to £13m in the year ended 27 May.

The biggest risers on the FTSE 100 included 3i Group, up 25.4p to 946.6p, Taylor Wimpey,up 3.1pto175.35p, Barratt Developments ,up7.2p to 529.2p, and Ocado, up 11.5p to 1,146p.

The biggest fallers on the FTSE 100 included Fresnillo, down 81p to 1,025p, Intercontinental Hotels Group, down 237p to 4,670p, Informa ,down34pto816pand Direct Line, down 8.4p to 330.9p.