Western Mail - - BUSINESS WALES -

THE FTSE 100 failed to hold on to its early gains yes­ter­day, slid­ing back into the red.

The in­dex was down 11.02 points, or 0.16%, at 6,995.91.

Top-flight stocks had moved back into pos­i­tive ter­ri­tory ear­lier in the day as global stock mar­kets ten­ta­tively re­cov­ered from a wide­spread sell-off. Neil Wil­son, of Mar­, had warned ear­lier yes­ter­day that sen­ti­ment was still “frag­ile” and mar­kets could be in for a “dead cat bounce” – a short-lived re­cov­ery af­ter a sub­stan­tial fall.

In­vestors have been head­ing for the exit on con­cerns over ris­ing US bond yields, with Amer­ica’s mas­sive bor­row­ing look­ing vul­ner­a­ble given the costs of ser­vic­ing the debt. Mar­kets have also been jit­tery over trade ten­sions be­tween the US and China.

Patis­serie Hold­ings shares are still sus­pended but the firm has put for­ward a res­cue plan which will in­volve chair­man Luke John­son stump­ing up loans of as much as £20m. The firm also hopes to raise £15m by is­su­ing new shares.

Sports Direct shares were trad­ing 1.58% higher af­ter the firm an­nounced it had bought the free­hold of the Frasers store in Glas­gow for £95m.

In cur­rency mar­kets, the pound was lower by 0.5% against the dollar at 1.316 and dropped 0.28% ver­sus the euro to 1.380. Hopes that the UK and EU could an­nounce a Brexit deal im­mi­nently lifted ster­ling ear­lier in the week, but con­cerns had be­gun to reemerge by yes­ter­day.

The big­gest ris­ers on the FTSE 100 were Scot­tish Mort­gage In­vest­ment Trust, up

26.6p to 481p, Bar­ratt De­vel­op­ments up 26p to 513.8p, Fres­nillo up 37.4p to 876.4p, and Ocado Group up 33.8p to 813.2p.

The big­gest fall­ers were Im­pe­rial Brands, down

161.5p to 2,516.5p, Bri­tish Amer­i­can To­bacco down 133p to 3,272p, United Util­i­ties Group down 17p to 687.4p, and Har­g­reaves Lans­down down 44p to 1,806.5p.

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