FTSE 100 dips while traders look to US Fed

The FTSE 100 ended the session in the red after central banking updates in the US and a mixed day for London stocks.

London’s blue-chip index closed 5.78 lower at 7,530.69, as markets appeared mixed while Jerome Powell, the head of the US Federal Reserve, testified in Washington DC.

David Madden, market analyst at CMC Markets UK, said: “So far the central banker hasn’t give much away in terms of clues as to possible changes to monetary policy. Some dealers are sitting on their hands until they get a clear view from Mr Powell.”

In company news, womenswear retailer Bonmarche could be poised to exit the stock market as Philip Day, owner of Edinburgh Woollen Mill, bought out the last major institutional shareholder.

Day’s holding company Spectre now owns around 83 per cent of the company and will likely move to de-list it once the takeover offer closes this week. Shares closed 0.25p lower at 11.50p.

Homewares retailer Dunelm closed 17p lower at 870p as it cheered another turnover rise.

The group saw like-for-like store sales jump 12.1 per cent in its final quarter to 29 June thanks to “favourable weather”, while website sales soared 37 per cent.

Waste management group Biffa has seen more than a fifth of shareholders vote against the re-election of chairman Ken Lever amid concerns over the number of board roles he holds. The UK’S biggest collector of commercial waste said 20.5 per cent of investor votes did not support his re-election at its annual general meeting. Shares closed 7.5p higher at 205.5p.