FTSE suffers ‘choppy’ day of trading

Market report Emma Newlands

Oil prices ticked higher as investors feared a shortage in the wake of Donald Trump’s sanctions on Iran and expected hurricanes in the US, with a barrel of Brent Crude trading at $78.7, marking an increase of 1.8 per cent.

The FTSE 100 index clocked in at 7,273.54, down 5.76 points or 0.08 per cent.

Fiona Cincotta, senior market analyst at City Index, said: “The FTSE had a choppy day opening on a high note but trading down 0.27 per cent towards the close and even the weakening pound wasn’t able to keep it out of the red.”

Positive UK employment data and the extension of Mark Carney’s term as Bank of England governor both failed to lift sterling, which ended the day 0.1 per cent lower against the dollar at $1.300. Versus the euro, the pound was down 0.1 per cent at €1.122.

Top-flight stocks in London were a shade lower, recovering from an earlier slump when it emerged that China will seek permission from the World Trade Organisation to impose sanctions on the US next week.

The chairman of Debenhams lashed out at speculation over the struggling retailer’s future, insisting that the chain is not insolvent. Shares regained some ground – rising 0.77p to 12.27p – after a 17 per cent plunge on Monday when it emerged that the chain had appointed advisers at KPMG to consider its options.

The biggest risers on the FTSE 100 included Shire, up 77.5p at 4,342.5p, and Rightmove up 7.3p at 487.3p.

Thebiggestfallersincluded Imperial Brands, down 90p at 2,608.5p, and Pearson, down 19.8p at 866.6p.