FTSE fails to capitalise on sterling’s woes

Royal Mail ended the day rock bottom of the FTSE 100 for the second session in a row, helping drag the index into the red.

Investors continued to fret over the delivery firm’s performance following a shock profit warning issued on Monday afternoon.

Shares in the firm closed down 8.38 per cent at 358.6p, capping another bruising day’s trading for the firm.

And London’s top-flight ended the day down 21.12 points, or 0.28 per cent, at 7,474.55.

Shell and BP were among the risers as they rode the wave of rising oil prices, closing up 7p at 2,655.5p and 1.7p at 597p respectively. And despite the price of a barrel of Brent crude nudging down during the session, it has risen to $84 from $77 over the past 30 days.

Spreadex analyst Connor Campbell noted the “admittedly slim” gains made by BP and Shell, also commenting: “The FTSE, which is normally a fan of a pummelled pound, found little to celebrate as the day went on.”

Sterling remained hostage to Brexit ruminations as the Tory party conference rumbles on.

The pound was down 0.4 per cent versus the US dollar at $1.298 and down 0.3 per cent against the euro at €1.123. It was also dragged down by lacklustre construction figures, which showed the sector suffered its weakest growth for six months in September

The biggest risers on the FTSE 100 included United Utilities, up 14.8p at 719.6p, and Randgold Resources, up 100p at 5,518p.

The biggest fallers included Pearson, down 34.4p at 854p, and Johnson Matthey, down 120p at 3,476p.

Market report Emma Newlands