MARKET REPORT

LONDON’S top flight index dropped back below the 7,500 mark as the market suffered a bout of jitters ahead of today’s General Election vote.

The FTSE 100 Index was down 46.33 to 7,478.62, as the leaders of Britain’s biggest parties made last-ditch bids to secure votes.

However, sterling was enjoying a brighter session on the currency markets, lifting 0.4% against the US dollar at 1.295 and climbing 0.6% versus the euro at 1.151.

Elsewhere in Europe, Germany’s Dax was marginally down at 0.1%, while the Cac 40 in France also dropped 0.1%.

London’s blue-chip energy stocks suffered as the price of oil fell on concerns over Opec’s production cuts amid escalating tensions in the Middle East.

Brent crude was down 3.5% – or 1 dollar and 73 cents – to 48.39 US dollars a barrel, with traders focussing on the decision by Saudi Arabia and a number of other Arab countries to sever ties with Qatar over claims that the country has been supporting regional terror groups. ly.Royal Dutch Shell B

and BP were down 21.5p to 2,115p and 8.1p to 456.8p respective

In UK stocks, Royal Bank of Scotland (RBS) surged after the lender avoided a lengthy courtroom battle with shareholder groups over a 2008 rights issue overseen by disgraced former boss Fred Goodwin.

Shares in RBS rose more than 1%, or 3.4p to 255.1p.

Advertising giant WPP was down more than 2% after making a trading update at its annual general meeting.

The firm said reported revenues rose 16% to £4.8 billion in the first four months of the year, thanks to a boost from the Brexit-hit pound.

The firm was also dealt a bloody nose during the AGM, with over 21% of shareholders opposing or abstaining against a £48 million pay package for chief executive Sir Martin Sorrell.

Shares in the firm were down 45p to 1,676p.

On the second tier, housebuilder St Modwen Properties shares rose 6%, or 20.8p to 353p, after reporting that its half-year performance was in line with expectations.

The biggest risers on the FTSE 100 Index were Persimmon up 48p to 2,393p, Lloyds Banking Group up 1.14p to 70.1p, Standard Life up 5.9p to 381p and Taylor Wimpey up 2.8p to 181.8p.

The biggest fallers on the FTSE 100 Index were Shire down 145.5p to 4,376.5p, WPP down 45p to 1,676p, Babcock International down 18.5p to 906p and Johnson Matthey down 60p to 2,979p.