FTSE 100 watch: Footsie subdued as Brexit talks stay in focus

GKN share price slides as group warns on profits

FTSE 100 watch: Footsie subdued as Brexit talks stay in focus

The UK benchmark index has slipped into the red in today’s session, with investor attention staying on the ongoing Brexit talks. GKN (LON:GKN) meanwhile has tumbled to the bottom of the FTSE 100 leaderboard after the company updated investors on its recent performance.

FTSE 100 underperforms as Brexit talks weigh

As of 12:29 BST, the FTSE 100 had lost 20.00 points to stand 0.26 percent lower at 7,536.24. Sentiment has been subdued this Friday, with the Footsie underperforming other European indices, as European Commission President Jean-Claude Juncker warned that the UK must pay EU budget liabilities if it wants to begin transition and trade talks to prevent a Brexit cliff edge in 2019.

“The British are discovering, as we are, day after day new problems. That’s the reason why this process will take longer than initially thought,” he told university students in Luxembourg this morning, as quoted by The Times.

GKN warns on profits

In individual movers, GKN has posted a hefty fall after reporting that disappointing third-quarter trading in its Aerospace segment and two external claims will pressure its full-year profits.

“As anticipated, aerospace has seen a significant reduction in margin caused by pricing pressures, continuing operational challenges and the impact of programme transitions,” analysts at Panmure Gordon said, as quoted by Reuters. GKN‘s share price is 8.16 percent worse off at 324.00p.

Aviva (LON:AV) meanwhile is outperforming the broader London market after announcing plans to exit its business in Taiwan, following a strategic review of the operation. Shares in the blue-chip insurer are currently changing hands 0.27 percent higher at 501.35p.

The FTSE 100 was 0.18 percent down at 7,542.98 points as of 12:50 BST on Friday, 13 October 2017.

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