EasyJet and BA take off after High Court ruling

Rocked by a potential Brexit block, the stock market slipped to its lowest level in almost seven weeks.

However, the pound rallied on a court ruling that Theresa May might not be able to take the Uk out of the european Union without a vote in Parliament.

The FTSE 100 closed down 0.8pc, or 54.91 points at 6790.51.

Many of the stocks which were quick to spiral the day of the referendum result rallied yesterday.

Airlines (up 3pc, or 29.5p, EasyJet IAG to 997.5p) and (up 2.1pc, or 9.4p, to 450.8p) were among the top risers. Property investment companies Land Securities (up 2.4pc, or 24p to 1007p) and British

Land (up 3.8pc, or 22p, to 607p) were in the top flight too.

commodity firms fell to the bottom of the pile as the oil price slipped another 1pc to $46 a barrel.

was down 6.3pc, or Randgold Fresnillo 475p, to 7110p, while lost 4.3pc, or 77p, to close at 1703p.

Lancashire Holdings was among the highest climbers for the day as it revealed plans to return £122m to shareholders through a special dividend. Investors are set to get 61p a share.

The speciality insurance provider reported pre-tax profit of £34.9m in the three months to September 30, up from £26.8m in the same period last year, though it warned the effects of Hurricane Matthew, which hit the caribbean and US in october, were not in this reporting period. Shares soared 6.9pc, or 49p, to 758p.

A short update from Led lighting company Dialight sent shares spiralling. The firm said revenue is likely to benefit from a weaker pound and performance is in line with current consensus. Perhaps investors expected more.

dialight will publish full-year results at the end of February. Shares slipped 4.9pc, or 35p, to 675p.

Rotala shares slipped as it revealed a change in customer behaviour was expected to hit revenue. The firm operates commercial and subsidised bus routes for businesses and local authorities.

In an update it said passengers in the South West, where it provides university bus services, have shifted to weekly and daily tickets rather than long-term passes. That means the company has to wait for revenue as it dribbles in rather than getting larger amounts up front.

The firm has made three acquisitions during the year – elite Minibus and Wigan coachways in the North West, and Heathrow-based oFJ connections. Rotala said it had been noticeably more successful at winning local bus contracts in the West Midlands and had also seen a pick-up in its private bus networks business.

But it warned the state of the industry is changing and there is still more to come with new Government legislation. Shares were off 2.6pc, or 1.5p, at 57p.

Severfield rose on news of a contract worth £72m. The steelwork firm, which is behind The Shard and the olympic Stadium, has been appointed to work on a development in the city.

The 1.4m sq ft building will primarily be an office block, but will also contain restaurants, bars and shops. Severfield has won five other contracts including two distribution centres to be built in the South east, a commercial office development in the Midlands and a research and development complex in Manchester.

Shares advanced 4.7pc, or 2.75p to 61.5p. construction company Morgan

Sindall climbed as it said the eU referendum had had no noticeable impact and the company is on track to meet expectations for the year.

The group has an order book of £3.2bn, its Fit out refurbishment division has improved margins, and its property services business is on track to deliver a small profit for the year.

Numis has a ‘buy’ rating on the stock. It said the areas the group focuses on – infrastructure, affordable housing and urban regeneration – are likely to benefit from Government investment. Shares gained 1.5pc, or 11p, to close at 726p.