US motors as FTSE session lacklustre

The FTSE 100 made some modest gains, kicking off the week with a lacklustre session.

The blue-chip index closed 12.47 points, or 0.17 per cent, higher at 7,440.66.

It came amid a subdued session for European markets, but trading across the Pond was boosted by hopes that the US Federal Bank will keep rates lower for longer. The S&P and Nasdaq both reached fresh all-time highs.

The pound was broadly flat, trading 0.01 per cent lower against the euro at €1.157 and 0.04 per cent up on the dollar at $1.292.

David Madden, market analyst at CMC Markets UK, said: “Brexit might not be in the news as much these days, and it feels like the pound is in limbo. While sterling remains below the 1.3000 mark, its outlook should remain bearish.”

In London, Ocado shares were 8.5p lower at 1,389.5p. It came after the company revealed that an electrical fault was to blame for the huge fire at its Andover facility. But analysts said the decline could be linked to profit-taking.

Auto Trader chief executive Trevor Mather is to retire from the top role at the online car dealership, months after leading it into the FTSE 100. News of his departure prompted a 9.8p drop in the group’s share price to 570p.

Shareholders in Metro Bank have been advised to vote against the re-election of founder and chairman Vernon Hill as the lender grapples with the fallout of a major accounting blunder. Shares were 1.5p higher at 802.5p

Shares in Loungers jumped 1.75p to 216.25p on the first day of trading for the British bar chain, which owns 146 bars under the Lounge and Cosy Club brands.