FTSE retreats in advance of reporting run

Oil prices were on the rise at the start of the week after Donald Trump launched an attack on Iran via Twitter. The war of words triggered fears of a disruption in oil supply from the region, sending Brent crude up 1 per cent in afternoon trading to $73.73 a barrel.

The FTSE 100 closed the session 0.3 per cent or 23 points lower at 7,655.79, with traders preparing for a heavy week of corporate reporting.

Big-hitters including Sky, Astrazeneca, Royal Dutch Shell and Glaxosmithkline, to name just a few, are all reporting this week, with a substantial number of updates falling on Thursday.

Connor Campbell, financial analyst at Spreadex, said this week’s corporate calendar is “overstuffed” with nearly a fifth of the FTSE 100 reporting. “It’ll be interesting whether the index can substantially climb above 7,700 with a bit of help from its big-hitters, or if the earnings-mess prevents it from gathering any momentum.”

Sterling was down 0.2 per cent against the dollar at $1.310, and flat against the euro at €1.119.

In UK stocks, Silverburn owner Hammerson announced the sale of two retail parks for £164 million as it geared up for a raft of disposals. Shares fell 7.4p during trading to 526p.

And online estate agency Purplebricks confirmed it is eyeing German and European firms for acquisition, with shares closing 13.2p lower at 283p.

The biggest risers on the FTSE 100 included Ocado Group, up 60p to 1,143p, DCC, up 150p to 7,170p, and Just Eat, up 15.4p to 878.4p. The biggest fallers included Taylor Wimpey ,down7p to 170.2p, Fresnillo, down 33.5p to 1,089.5p, and Barratt Developments, down 15.8p to 516.6p.