Centrica fall sees Footsie finish lower

Steep falls for Scottish Gas-owner Centrica and defence giant BAE Systems took their toll on the FTSE 100. The index closed down 61.23 points at 7,167.39. Connor Campbell of Spreadex said the index was “far and away the worst performer” among global markets.

Although he said it suffered the kind of decline that has recently only occurred following a bad Us-china trade twist or some positive Brexit noise for the pound, the losses were of the “more bread and butter kind”, as some of its big hitters took a hammering.

Centrica ended down 16.1p at 121p after warning that the energy price cap would hit profits.

BAE Systems also fell after a poorly received update and news that Germany would continue to boycott arms sales to Saudi Arabia. Shares closed down 39.6p at 464.8p.

Meanwhile, Serco said it could benefit from Brexit in the short term if the government “needs help quickly”, as the company lifted its revenue guidance for the year after a string of new contract wins.

The outsourcer said that, like other firms, it has been plagued by the “fog of uncertainty” over Britain’s impending departure from the European Union, but as it “neither exports nor imports to any significant degree” it is not exposed directly to border issues. Shares closed up 5.8 per cent at 121.7p.

Profits at Go Ahead Group tumbled in the first half of the year as the transport group was stung by issues including the end of its London Midland rail franchise.

However, shares in the group finished the day 45p higher at 1,960p.