MARKET REPORT

THE FTSE 100 struggled for direction yesterday as traders adopted a “wait and see” approach amid further Brexit fallout and as Sino-US relations continue to come under the microscope.

London’s top flight closed down 2.69 points, or 0.04%, at 6,877.5 as investors suffered a bout of Brexit fatigue following the high drama earlier in the week.

Traders were also cautious over reports that China and the US are making more progress on trade talks following acrimony between the two global superpowers.

Theresa May survived a no confidence vote on Wednesday evening, which acted as a mini-boon for the pound, which has retreated from multi-month lows and was trading broadly flat at the London market close.

Sterling was up marginally versus the US dollar at 1.263 and rose 0.2% against the euro to hit 1.113.

In stocks, most of the action took place in the retail sector, with Mike Ashley’s loose tongue triggering a sell-off in both Sports Direct and Debenhams.

The tracksuit tycoon warned that November trading had been “unbelievably bad” as profits at the retailer took a hit from the acquisition of department store House of Fraser.

He also claimed Debenhams, where Mr Ashley’s Sports Direct is the largest shareholder, is on the brink of collapse as he urged the struggling retailer to accept his offer of a £40m loan to avoid a Christmas disaster.

His comments sent shares in down 40.9p, or at 235.4p and

stock ended the day 0.28p down, or 4.89%, at 5.45p.

In more dark news for the high street, womenswear chain saw its shares crash after warning it could slip to a £4m annual loss amid “unprecedented” tough trading conditions.

The group’s chief executive Helen Connolly said conditions on the high street are worse than those seen during the recession sparked by the financial crisis.

Shares tumbled 36p, or 44.72%, to 44.5p at the close.

In Europe, France’s CAC was down 0.26% and Germany’s DAX shed 0.04%.

The biggest risers on the FTSE 100 were

up 10.95p at 244p, up 51p at 1,190p, up 117.5p at 4,657.5p and

up 19.6p at 841p. The biggest fallers on the FTSE 100 were down 66.5p at 1,632.5p, down 10.5p at 266p,

down 15.4p at 452.7p and down 146p at 4,424p. 14.8%,