Footsie down ahead of key Brexit vote

Market report

The London markets and the pound both slipped into the red as traders remained cautious ahead of the Brexit vote.

The FTSE 100 closed 31.75 points lower at 7,150.57 at the end of trading. David Madden, market analyst at CMC Markets UK, said: “When it comes to the all-important Brexit deal vote, traders are curtailing their positions as the vote is tipped to go down to the wire. The bullish mood that we saw during the week on the build up to the deal being brokered and announced, has now been replaced with a more cautious outlook.”

Intercontinental Hotels Group was the FTSE 100’s biggest loser, sliding after it said third quarter sales were hit by political unrest in Hong Kong.

The Holiday Inn owner said revenue per available room slumped by 0.8 per cent in the three months to September. Shares in the company, which also runs the Crowne Plaza brand, fell 217p to 4,520p.

In a busy day for the hotel sector, competitor Easyhotel saw shares jump after it delivered a surge in annual revenues despite a “challenging second half to the year”. Shares in the business closed 11p higher at 110p at the close of play.

Logistics firm Wincanton saw shares rise after it emerged as the latest possible bidder for haulage company Eddie Stobart Logistics. Company shares closed 4p higher at 238p.

The price of oil has dipped after the Chinese refinery throughput report showed a 9 per cent increase in supplies for September. The price of a barrel of Brent crude oil decreased by 0.79 per cent to $59.4.