Stock market soothed by Brexit chatter

The FTSE 100 had a steady day yesterday as traders tried to take stock of a whirlwind week in Westminster as Brexit creaks closer.

The leading London index closed the day up 48.25 points at 7,260.74 – staying above the opening level for the majority of the day.

With Prime Minister Boris Johnson getting agreement in principle for his Brexit deal from MPs, but not the fast turnaround he desired, markets appeared to agree that an October 31 deadline is looking far from likely.

David Madden, market analyst at CMC Markets UK, said: “The possibility of a no-deal Brexit seems to have been greatly reduced, which is music to dealers’ ears.

“While there remains a lack of clarity in relation to Brexit, stock markets are likely to meander.”

Elsewhere in Europe, France and Germany had a less impressive session with the Paris Cac 40 flat and the Frankfurt Dax up 0.34%.

The pound movement against the dollar, which has veered wildly in recent days, ticked up 0.17% to 1.2889 dollars. Against the euro it was up 0.2% at 1.159 euros.

The biggest risers on the FTSE 100 were M&G up 11.35p to 214p; Evraz up 12.8p at 393p; Standard Life Aberdeen up 8.1p at 299.6p; CRH up 66p at 2,782p; and Prudential up 33.5p at 1,437p.

The biggest fallers were Royal Bank Scotland down 7p at 233.7p; Hiscox down 44p at 1,480p; London Stock Exchange Group down 198p at 6,936p; Barratt Developments down 16.2p at 652.6p; and Berkeley Group down 104p at 4,437p.