Footsie lower as it struggles for direction

The FTSE 100 struggled for direction while the pound took a knock on continued Brexit worries.

London’s top flight closed down 16.34 points at 7,401.94. Connor Campbell, a financial analyst at Spreadex, said: “A relatively uneventful session couldn’t prevent the FTSE from falling.

“Unable to shake its initial decline, the UK index found itself off its six-month highs.”

Shares in Saga capitulated after the over-50s insurance and holiday firm warned over profits amid a company overhaul.

The group said it is launching a “fundamental” strategy rethink which will see it change tactics in the insurance business to address “increasing challenges” in its markets. Shares tumbled as much as 40 per cent at one stage and closed down 39.55p, or 37.5 per cent lower, at 67.25p.

Mother care shares also came under pressure as the baby retailer revealed UK sales tumbled 8.8 per cent in its fourth quarter and warned that trading conditions are set to remain “challenging”.

The babycare chain said the like-for-like sales fall in the three months to 30 March marked an improvement on the previous two quarters, but the result was boosted by clearance promotions from shop closures.

It added that the clearance sales had “significantly” hit online sales. Shares were down 1.55p at 20.8p.

Braehead centre owner Intu’s shares were in the red as it picked a new boss after a challenging year for the company amid a retail crisis and failed merger talks. Shares were down 1.25p at 104.75p