MARKET REPORT

THE pound slumped to its lowest level against the US dollar since November, with pressure mounting on Theresa May over slow Brexit progress as she took part in an EU summit in Brussels.

Sterling was trading down 0.4% against the euro at 1.120 and was down 0.2% versus the dollar to 1.308 – its lowest level against the greenback in seven months.

Mrs May was facing pressure from her EU counterparts over the slow pace of Brexit negotiations and lack of clarity over its plans while European Commission president Jean-Claude Juncker said plans were being made for a “no-deal” exit.

The FTSE 100 ended the day nearly flat, down just 0.08%, or 6.06 points, at 7,615.63 points.

Across Europe, the French Cac 40 and German Dax tumbled nearly 1% and 1.4% respectively.

In UK stocks, was the best-performing stock on the FTSE 100, rising 127p to 4,221.5p after shareholders rejected proposals by rebel investors trying to derail its takeover by Takeda Pharmaceuticals. Investors failed to gain backing for a proposal that would require shareholder approval for major acquisition, gaining only 10% of the vote at Takeda’s AGM. Tobacco giant

jumped 77.5p to 2,811.5p after announcing it had taken a stake in Oxford Cannabinoid Technologies, which focuses on research, development and licensing of cannabis-based compounds and therapies.

rose 7.8p to 632p on news that the British defence giant won a £20bn contract to build a new fleet of Australian warships under a 30-year contract.

plunged 57.6p to 581p as investors reacted to an 11.2% slump in adjusted pre-tax profits to £243m after being hit by “unprecedented” cost hikes, weak consumer confidence and tougher competition.

jumped 5.8p to 139.9p after reporting bottomline profits of £95.3m, up from £17.9m the previous year, despite taking a £85.6m hit after the Government stripped the transport giant of the East Coast Main Line franchise.

The biggest risers on the FTSE 100 were up 127p at 4,221.5p, up 77.5p at 2,811.5p, up 95p at up 15.6p 3,877p and at 770.8p.

The biggest fallers on the FTSE 100 were down 49p at 1,274p, down 6.8p at 208.2p, down 109p at 3,576p down 10.35p at and 358.8p.