Markets hit by Japanese PM’S quit decision

The FTSE 100 joined other European markets in opening lower following a slump in Asian markets after the prime minister of Japan, Shinzo Abe, said he was stepping down from the post.

The index closed 36.42 points lower at 5,963.57. David Madden, market analyst at CMC Markets UK, said Abe’s surprise announcement made a lot of headlines, although “it didn’t have a huge impact on stocks in Europe”.

“Things have been a little directionless, partially because there has been a lack of local news, but it is likely that UK- based traders are winding down ahead of the long weekend,” he said.

Guarantor lender Amigo saw shares jump after its founder and chief said he would buy 29 per cent of the company’s stock at 20p per share if he was reappointed as chief executive.

James Benamor, who has been selling off shares in the business in recent weeks following a bitter boardroom battle, also withdrew a demand for a shareholder vote that could remove newly reappointed chief executive Glen Crawford from the board.

Shares in the company increased by 1.9p to 13.9p at the close of play.

Online fashion giant Boohoo tumbled again after a national newspaper reported that it has been selling clothes made by at least 18 factories in Leicester that audits say have failed to prove they pay the minimum wage to workers.

Shares closed 29.8p lower at 289.5p after the newspaper said auditors had raised “critical” issues with Boohoo suppliers before the company faced a raft of allegations over factory conditions last month.

Greggs shares went stale after the bakery chain confirmed its Leeds distribution site has been closed for a deep clean after an undisclosed number of staff tested positive for Covid- 19. It closed 23p lower at 1,417p.

The biggest risers on the FTSE 100 were Polymetal, up 88p at 2,028p, Whitbread, up 72p at 2,529p, Fresnillo, up 35p at 1,262.5p, and Standard Chartered, up 8p at 392.4p. The biggest fallers of the day were RollsRoyce, down 8.9p at 241.1p, Melrose, down 3.7p at 101.8p and DS Smith, down 8.2p at 258.7p and Smurfit Kappa, down 80p at 2,674p