Political woes see Footsie finish lower

Fears over political tensions between Italy and the EU dragged the Footsie lower despite a weaker pound.

The FTSE 100 closed down seven points at 7,047.22 with gambling firms among the biggest fallers amid concerns they may be hit by chancellor Philip Hammond in next week’s Budget.

“Stocks in Europe had a positive session earlier in the day, but the gains were eroded in the afternoon,” said CMC Markets analyst David Madden.

“Concerns about the political stand-off between Italy and the EU, along with strained geopolitical tensions, encouraged traders to dump stocks.”

Ryanair shares were flying higher after there were no further downgrade to earnings expectations.

The Irish carrier booked a 9 per cent decline in pre-tax profits in the six months to 30 September. Shares rose 4.2 per cent to €11.93 on the update.

Meanwhile, shares in NMC Health led the FTSE 100 risers, climbing 170p to 3,200p after the company upgraded its expectations for the year.

It now expects revenue to grow by 24 per cent, higher than a previous estimate.

The biggest risers on the FTSE 100 also included Royal Mail, up 14.5p to 358.9p, Easyjet ,up 36p to 1,104p, and Rightmove, up 11.35p to 433.7p. The biggest fallers on the index were Paddy Power Betfair, down 270p to 6,485p, Wood Group, down 20.6p to 710p, Rentokil Initial, down 8.3p to 295.5p, and GVC Holdings down 22.5p to 937.5p.