Brexit keeps sterling down as MPS vote

Markets continued to be bogged down by Brexit developments as the pound faltered but London’s top shares gained ground.

The FTSE 100 finished 26.24 points higher at 7,185.43.

David Madden, market analyst at CMC Markets UK, said: “Stock markets are largely higher this afternoon as MPS made it clear yesterday they are not in favour of a no-deal Brexit.

“Westminster will remain in focus today as MPS are set to vote on whether article 50 should be extended or not.”

MPS defeated an amendment proposing a second referendum after the market closed.

Ahead of last night’s votes, the pound was trading lower. Sterling dipped 0.05 per cent on the euro to €1.174, and was down 0.33 per cent versus the dollar at $1.328.

In London, shares in Debenhams were up 0.04p, or 1.37 per cent, to 3.254p after the beleaguered retailer said it will give “careful consideration” to a £150 million loan proposal from Mike Ashley’s Sports Direct.

Onesavings Bank shares were down 1.2p to 396p and Charter Court Financial Services Group closed down 3p at 322p, following the announcement that the two lenders will embark on a £1.6 billion merger.

Cineworld unveiled pre-tax profits had more than doubled to $349m (£262m) after film-goers flocked to watch Marvel’s superhero offerings. Shares rose by 11p to close at 300p.

DFS warned of a “challenging” year as the furniture group brace sf orb rex it impact, although it reported sales growth of 6.6 per cent in the first half. Shares dipped 1.5p to 234p.