Brexit-related rollercoaster ride for pound

Sterling endured a rollercoaster ride as Theresa May’s latest efforts to secure backing for her Brexit deal flopped, with more volatility expected as MPS prepare to vote on it.

The pound was trading at $1.325 yesterday morning, but had slumped to $1.308 by the London market close, a fall of 1 per cent. Versus the euro, sterling was down 1 per cent at €1.158.

The declines came after the Prime Minister’s hopes of securing House of Commons approval for her Brexit deal suffered yet another shattering blow as Tory Eurosceptics said they would not back it and her DUP allies said they would vote against.

MPS were to vote on the deal yesterday evening, but the odds are stacked against May, and currency traders will now turn their attention to ballots on no deal and an extension.

Meanwhile, the FTSE 100 eked out small gains, closing up 20.53 points, or 0.29 per cent, at 7,151.15.

In stocks, WPP ended the day in the red, even as it trumpeted the appointment of Cindy Rose, the boss of Microsoft’s UK business, to the board as it looks to bolster its digital offering. Shares closed down 2p at 853p.

On the FTSE 250, Domino’s shares closed up despite the firm posting falling annual profits and admitting store openings will be hit this year amid an escalating row with its franchisees.

The pizza delivery company said that, while its pipeline of new stores is set to hold firm in 2019, the actual number of openings is likely to be lower given “ongoing franchisee discussions”. Shares closed up 1.6p at 234.7p.