MARKET REPORT

STERLING was on the rise yesterday following growing speculation that Brexit will be delayed beyond the current March 29 exit date.

Currency traders pushed the British currency up 0.6% to 1.282 US dollars at the London market close, its highest level since November.

The pound’s ascent came despite more worrying signs that Britain’s economic growth is slowing further. Over the three months to November, GDP rose 0.3% compared with the previous quarter. Growth of 0.4% was recorded in the three months to October. The Office for National Statistics said the largest downward drag came from a fall in motor vehicle production of 4.3% amid factory shutdowns, weaker consumer demand for cars and declining diesel sales.

Meanwhile, the FTSE 100 shed 24.69 points, or 0.36%, to close at 6,918.18.

On the lower tiers, shares in

nosedived after Virgin Atlantic and Stobart Group swooped on the regional airline in a £2.2m deal. The companies, in conjunction with Cyrus Capital Partners, have agreed an offer of just 1p per share for Flybe, which put itself up for sale in November.

The firm’s stock tanked 77.1%, or 12.63p, to 3.75p at the close.

Shares in were also in freefall following the removal of its chairman and chief executive Sir Ian Cheshire a day earlier by Mike Ashley, who owns just under 30% of the department store chain.

Shares tumbled 18.9%, or 0.91p, to 3.9p.

The biggest risers on the FTSE 100 were up 7.15p at 156.05p, up 92p at 2,203p, up up 14.2p at 503.4p and 15.2p at 610p.

The biggest fallers were down 148p at down 2,782p,

102p at 2,142p, down 211p at 5,712p and

down 5.9p at 170.8p.