MARKET REPORT

STERLING has slumped to an eightyear low against the euro, as Brexit uncertainty and strong economic data from the eurozone hit the UK currency.

The pound was down 0.5% to 1.083 versus the euro as the London market closed, hitting its lowest level since October 2009.

An rosy update on the eurozone economy gave the euro a leg-up against its peers, with PMI figures showing manufacturing export orders climbed at their fastest pace for sixand-a-half years.

The pound was also struggling against the US dollar, down 0.2% at 1.278.

On the equity markets, the FTSE 100 Index edged up by 0.91 to 7,382.65, as a fall from advertising giant WPP was countered by a jump from supermarket group Tesco.

Across Europe, the Cac 40 in France dropped by 0.3% and Germany’s Dax was 0.5% lower.

Brent crude endured a choppy session, rebounding from falls to rise by 1% at $52.41 a barrel.

In UK stocks, shares in WPP closed down just shy of 11%, or 174p to 1,420p, as the group cut its full-year revenue forecasts amid slowing demand from consumer goods firms.

The advertising giant predicts fullyear like-for-like revenue and net sales will come in between zero and 1% growth. It had previously pencilled in 2% growth.

In a contrast, Tesco pushed 1.5% higher, up 2.9p to 187.1p, after the supermarket launched a compensation scheme for investors impacted by the 2014 accounting scandal.

Away from the top tier, shares in struggling retailer Game Digital rocketed after investors warmed to plans that will see the firm ramp up its presence in e-sports markets. It rose 35%, or 8.6p to 33.3p, after saying it would aim to tap the “significant potential” of the group’s e-sports activities.

The biggest risers of FTSE 100 Index were Provident Financial up 71.5p to 661p, Antofagasta up 22.5p to 996p, Rio Tinto up 75.5p to 3,615p, Tesco up 2.9p to 187.1p.

The biggest fallers were WPP down 174p to 1,420p, Paddy Power Betfair down 195p to 7,000p, ITV down 3.1p to 162.6p, easyJet down 23p to 1,270p.