MARKET REPORT

THE pound came under selling pressure yesterday amid renewed fears over Brexit and comments by a Bank of England official that interest rates may be cut in a no-deal scenario.

Sterling was trading 0.5% down versus the US dollar at 1.278 at the London market close, and the British currency shed 0.6% versus the euro at 1.135.

Earlier yesterday Gertjan Vlieghe, an external member of the central bank’s Monetary Policy Committee, warned that interest rates are more likely to be cut than hiked if Britain crashes out of the European Union without a deal.

“In the case of a no-deal scenario, I judge that an easing or an extended pause in monetary policy is more likely to be the appropriate policy response than a tightening,” he told an audience in London.

The rate setter also said that Brexit has already cost the British economy at least £80bn, or £800m a week, since the referendum.

Meanwhile, the FTSE 100 ended the day up 6.17 points, or 0.09%, at 7,197.01.

In stocks, shares in drugs giant were on the ascendancy despite the firm revealing falling annual profits.

The group reported a 17% fall in core operating profits to $5.7bn (£4.4bn) for 2018.

Pre-tax profits fell 14% with exchange rates stripped out, to $2bn (£1.6bn).

However, AstraZeneca added that a “very strong” end to the year saw total fourth-quarter revenues rise 14% with currency effects stripped out to $6.4bn (£5bn), while core earnings lifted 23% to $2.2bn (£1.7bn).

Shares closed up 428p, or 12%, at 6,149p.

On the FTSE 250, shares in owner

tumbled after the firm announced that chief executive Andy McCue is to leave the company due to “extenuating personal circumstances”.

Mr McCue will remain with the company until his successor is recruited and it expects to make an announcement about his replacement in “due course”. Shares dropped 16.2p, or 11.1%, to 129.8p.

The biggest risers on the FTSE 100 were up 186p at

up 1,703.5p, 428p at 6,149p,

up 1,1766p and

8.6p at 526p.

The biggest fallers on the FTSE 100 were down 231p at 2,463p, down 70p at down 133p at down 21.6p at 2,354p, 4,826p and 809.2p.

37p

at up