FTSE 100 watch: Footsie little changed as investors focus on Brexit talks

Schroders share price heads south after group’s trading update

FTSE 100 watch: Footsie little changed as investors focus on Brexit talks

The UK benchmark index has been little changed in today’s session, with global trade worries and concerns over the ongoing Brexit talks weighing on sentiment. Schroders (LON:SDR) meanwhile is underperforming the FTSE 100 after updating investors on its third-quarter performance.

FTSE 100 little changed

As of 12:27 BST, the Footsie had given up 5.63 points to stand 0.08 percent lower at 6,990.28, having traded marginally higher earlier in the session. Sentiment has been subdued today as UK and EU negotiators failed to reach a Brexit deal over the weekend. CNBC reports that both sides have cited unresolved issues relating to frontier checks between Ireland and Northern Ireland. Worries over the trade relations between the US and China have also been keeping investors at the sidelines.  

“The sellers are still in control it seems, with buyers unable to mount a real challenge,” Chris Beauchamp, market analyst at IG, commented in a note, adding that short-term resistance for the FTSE 100 came in at 7,060 points, “with a break above here opening the way to 7,127”.

“Further downside will only develop with a close below 6,920, in which case the March lows at 6,840 come into view,” Beauchamp added.

Individual movers

In individual stock moves, shares in Schroders have come under pressure even as the company revealed an increase in third-quarter assets under management (AUM). While the group saw a rise in institutional AUM, it posted a drop in intermediary AUM. Schroders’ share price is 2.75 percent worse off at 2,763.00p.

Lloyds Banking Group (LON:LLOY) which could face a new investigation related to the fraud at the Reading office of its HBOS unit, is also underperforming the market, trading 0.74 percent lower at 57.72p.

The FTSE 100 index was 0.07 percent down at 6,990.82 points as of 12:39 BST on Monday, 15 October 2018.

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