FTSE suffers after session’s start delayed

Market report Emma Newlands

London’s blue-chip index struggled to gain ground after a delayed opening due to a technical error.

The FTSE 100 fell 7.97 points to 7,704.4 during the session, having opened an hour later than usual.

The fall came despite a surge in oil prices, which lifted the likes of BP and Shell. Oil prices pushed higher when it emerged that Venezuela was nearly a month behind on crude deliveries, outweighing fears of production increases from OPEC countries.

In currency markets, concerns about a hard Brexit weighed on the pound. Against the euro, sterling was down 0.28 per cent to €1.135. The currency edged up 0.1 per cent to $1.343 against the US dollar.

Shares in Perth-based SSE climbed during the day, despite the energy giant receiving a slap on the wrist from the regulator.

The firm was ordered to pay £1 million for sending out inaccurate and misleading annual statements to 580,000 pre-payment meter customers. Shares were up 9.5p at the close to 1,356.5p.

Shares in outsourcer Mitie fell 0.5p to 195.2p after it insisted it was on track amid a swingeing overhaul, despite reporting a drop in annual earnings to March after a tough past year. The group reported a 6 per cent fall in underlying earnings to £77.1m, although revenues rose 2.8 per cent to £2.2 billion.

The biggest risers on the FTSE 100 were Bp,up 12.7p to 589.6p and United Utilities, up 15.2p to 786.4p, while the biggest faller was Mediclinic International, down 33.6p to 555.4p. The spreadbetting firm cheered record annual profits, with a 24 per cent rise in pre-tax profits to a record £60.1 million for the year to March. The retailer’s stock was hit by the news that rival House of Fraser was to close more than half its stores, as traders took a poor view of its prospects.