MARKET REPORT

The FTSE 100 ended in negative territory on Thursday, dented by a resurgent pound and dragged down by the likes of Vodafone and Smurfit Kappa. London’s top flight closed the day down 47.18 points, or 0.62%, at 7,516.03.

Leading the fallers was Vodafone, with the telecommunications giant subject to a sell-off after Merrill Lynch downgraded its stock to neutral from buy. It came after Vodafone agreed a £8.4bn deal to merge its Australian operations with TPG Telecom. Shares fell 5.42p to 167.52p.

On the FTSE 250, recruitment firm Hays came under pressure as its UK arm continues to be held back by Brexit uncertainty.

The group reported a 17% rise in pre-tax profits to £238.5m in the 12 months to June 30, boosted by a strong performance in its international unit. But in the UK and Ireland, net fees rose by just 2%, a dismal performance compared with its other territories. The stock closed down 8.8p at 194p. The FTSE 100 was also knocked by the pound’s mini renaissance.

Sterling held on to gains made on Wednesday following comments from Michel Barnier suggesting that the European Union is ready to offer the UK a bespoke Brexit deal.

The bloc’s chief negotiator said the EU is “prepared to offer a partnership with Britain such as has never been with any other third country”, which resulted in the pound spiking.

The pound was hovering around 1.30 US dollars for most of the day before dipping 0.2% to end the session at 1.299p.

Versus the single currency, the pound was up 0.3% at 1.115 euros.

In Europe, France’s CAC was down 0.42% and Germany’s DAX closed down 0.54%. Brent Crude was trading up 0.26% at 77.4 US dollars per barrel.

The biggest risers on the FTSE 100 were up 18p at 1,080.5p,

up 9.4p at 738.8p,

10p at 1,110p and at 4,020p.

The biggest fallers on the FTSE 100 were down 5.42p at 167.52p, down 28.4p at 906.2p, down 13.1p at 451.2p and down 68p at 3,168p. up up 31p