Sterling edges higher ahead of MPS’ votes

Sterling crept higher as progress appeared to be made towards a decision on the Brexit outcome.

With John Bercow picking eight options for an indicative vote and more hard-liners signalling support for Prime Minister Theresa May’s deal, sterling was 0.21 per cent higher on the dollar at $1.323 and up 0.26 per cent versus the euro at €1.175. Fiona Cincotta, senior market analyst at City Index, said: “After pro-brexit ERG leader Jacob Rees-mogg made an abrupt U-turn, deciding to support the PM’S Brexit deal or risk no Brexit at all, other eurosceptic ministers have followed suit.”

But there was less joy for the stock market as fears surrounding the health of the global economy persisted.

Shares in Debenhams, which have been fluctuating for weeks amid the drama surrounding its refinancing and a bid for control by Mike Ashley, ended the day higher.

Sports Direct said it was mulling a takeover offer valuing the company at £61.4 million, bumping Debenhams shares up 0.6p to 2.8p.

It was an eventful day for Ashley’s interests, as Sports Direct’s £140m takeover offer for shopping and supplies business Findel was rejected by the board, seeing shares dip 1.5p to 158.5p.

Shares in Goals Soccer Centres, a further Ashley investment, were suspended as the group uncovered at least £12m of VAT accounting errors.

Meanwhile, Davidoff and Lambert & Butler maker Imperial Brands said it is on track to meet full-year revenue and profit targets as it continues to invest in vaping products. Shares slipped 13.5p to 2,560p.