Footsie fails to capitalise on weak sterling

The FTSE 100 slipped marginally despite sterling slumping to its lowest point for six months, with investors becoming increasingly fearful of a no-deal Brexit.

London’s blue-chip index ended the day 12.80 points lower at 7,536.47, failing to benefit from weakness in the pound.

Boris Johnson’s comment that 31 October should be treated as a “real deadline for leaving the EU, come what may”, dragged the British currency down 0.53 per cent to $1.245 versus the dollar and 0.45 per cent lower at €1.111 against the euro.

In stocks, Sports Direct saw shares dip after Mike Ashley’s firm announced it secured majority backing for its £52 million bid to take over retailer Game Digital.

The group said its offer for the video games retailer is now “unconditional” after winning approval from shareholders owning nearly 16 per cent of shares. Shares in Sports Direct slipped 4.4p to 256.4p.

Shares in housebuilder Bovis Homes lifted slightly after it brushed aside Brexit uncertainty to cheer a “significant” step up in profits as it reported rising sales and prices.

The group said housing completions rose 4 per cent to 1,647 in the six months to 30 June, with average private selling prices rising to around £342,000, up from £334,700 a year earlier. Shares closed higher, up 2p at 1,016p.

Pub group Young’s lost ground after it blamed the weather for a dip in sales across its pubs group ahead of the company’s annual shareholder meeting. Shares in the company fell by 50p to 1,650p.