Footsie ticks up ahead of Brexit vote

The FTSE 100 closed the day broadly flat with sterling moving higher as currency traders looked towards another Commons vote on Brexit, with MPS widely tipped to rule out a nodeal EU divorce.

The index rose 8.04 points to 7,159.19 and the pound was up over 1 per cent versus the US dollar at the London market close.

Markets also appear to be pricing in an extension to the Article 50 process when MPS return to the ballot box, which is also driving the British currency higher.

Connor Campbell, financial analyst at Spreadex, said: “It appears that sterling is now working on at least two assumptions.

“One, that there is no appetite for a ‘no-deal’ Brexit among the majority of MPS – including the Prime Minister herself – something that will be reflected in Wednesday’s vote. And, two, that this will lead to a pound-positive outcome from Thursday’s ballot on whether or not to request an extension to Article 50.”

Morrisons shares were trading flat after the supermarket posted a hike in annual underlying profits, despite a slowdown in retail sales as Brexit uncertainty knocked shoppers’ confidence.

Standard Life Aberdeen led the FTSE 100 leader board after appointing Keith Skeoch as its sole chief executive, with former joint boss Martin Gilbert stepping down to become vice chairman. Shares gained 5.8p to 580.8p.

Morrisons, the UK’S fourth biggest supermarket, reported an 8.6 per cent rise in full-year pre-tax profits. Shares ended the day up 1.35p at 226.5p. .