Market jitters hit pound but Mitie shares soar

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week’s surprise election result, which left the Conservatives short of a firm majority and seeking a “confidence and supply” deal with Northern Ireland’s Democratic Unionist Party (DUP).

This would ensure the Government receives support for its Budget and confidence motions.

David Madden, a market analyst at CMC Markets UK, said: “Traders despise uncertainty and that is exactly what we have got. By delaying the Queen’s Speech, the UK is sending out a message of instability, when it badly needs clarity.

“Dealers will be determined to avoid the pound until they are given some positive news about Theresa May’s Government. Mrs May is hoping to cut a deal with the DUP but the Northern Irish politicians are notorious for driving hard bargains so it won’t be done and dusted quickly.”

There was little respite across Europe, with the French Cac 40 and German Dax ending the day down 1.1 per cent and 0.98 per cent, respectively.

Brent crude prices rose 0.7 per cent to around $48.45 per barrel (£38.29) as investors bet that oil prices had reached a bottom and were due for a boost after Opec’s agreement to extend production cuts, announced last month.

In UK stocks, shares soared 33.2p to 280p after delivering results in line with expectations. The struggling outsourcer swung to a pre-tax loss of £58.2 million in the year to March 31, compared with a £91.9m profit in 2016, after the firm took a hit from accounting issues.

shares slumped 19.4p to 270.5p amid news the online grocer is exploring plans to raise at least £200m through senior debt to fund further growth – a move analysts say confirmed Ocado’s cash-poor position.

shares edged higher by 1.25p to 147.5p despite reporting a 30 per cent drop in pre-tax profits to £11.7m for the year to March 31, citing a “challenging” period surrounding the EU referendum.

The biggest risers on the FTSE 100 were up 61p to 3,045p; up 33.5p to 2,185.5p; up 2.7p to 183.45p; and up 5.1p to 351.3p.

The biggest fallers on the FTSE 100 were down 84p to 1,641p; down 95p to

down 2,404p;

9p to 314.5p; and

down 11.2p to 406.8p. APPLE shares added to last week’s drop to lead yesterday’s market downturn as tech, still the best performing S&P 500 sector this year, succumbed under its own weight.

Mizuho Securities cut its rating on to “neutral” from “buy”, saying the stock had outperformed this year and that the “upcoming product cycle is fully captured at current levels.” Apple shares, down 2.4 per cent yesterday, are up about 26 per cent so far in 2017.

The S&P technology sector fell 0.8 per cent after dropping 2.7 per cent on Friday for its largest two-day decline in nearly a year. The tech-heavy Nasdaq Composite underperformed the S&P 500 as the ongoing rout in the sector sparked a search for value elsewhere.

The Dow Jones Industrial Average fell 36.3 points, or 0.17 per cent, to 21,235.67, the S&P 500 lost 2.38 points, or 0.10 per cent, to 2,429.39 and the Nasdaq Composite fell 32.45 points, or 0.52 per cent, to 6,175.47.

was the S&P’s biggest boost with a 3.6 per cent advance to $28.94. Jeff Immelt will retire as chief executive and would be replaced by John Flannery, the head of GE healthcare, who said he will conduct a swift review of the business portfolio.

The largest percentage gainer on the S&P 500 was

which rose 5.8 per cent, while the largest decliner was

, down 4.2 per cent. About 7.89 billion shares changed hands in US exchanges.