FTSE 100 watch: Footsie little changed as Brexit Secretary steps down

Strong miners help offset slump in banks and housebuilders

FTSE 100 watch: Footsie little changed as Brexit Secretary steps down

The UK benchmark index has been little changed in today’s session, with a strong mining sector helping offset a slump in blue-chip banks and housebuilders following the resignation of UK Brexit secretary Dominic Raab. Royal Mail Group (LON:RMG) meanwhile has tumbled to the bottom of the FTSE 100 leaderboard after posting its interim results.

Footsie little changed

As of 12:22 GMT, the FTSE 100 had gained 3.04 points to stand 0.04 percent higher at 7,036.83. Housebuilders and banks have fallen deep into the red after Britain’s Brexit secretary of state Dominic Raab stepped down, marking a blow for Prime Minister Theresa May.

Taylor Wimpey (LON:TW) is leading other housebuilders lower, having given 8.17 percent to 148.85p, while part government-owned Royal Bank of Scotland Group (LON:RBS) is the biggest faller in percentage terms among blue-chip lenders, trading 7.13 percent in the red at 230.40p.

“Dominic Raab’s resignation as Brexit Secretary didn’t go down well with currency markets, sending the pound down more than 1% against the euro and the US dollar,” Russ Mould, the investment director at AJ Bell, commented, as quoted by Proactive Investors, adding that in contrast, the FTSE 100 was “given a lift by global firms including miners which benefited from renewed strength in copper, aluminium and other metal prices”.

Individual movers

In individual movers, Royal Mail has given up 6.15 percent to 326.60p after updating investors on its interims and reiterating its revised profit outlook. 3i Group (LON:III) has been another notable blue-chip faller as it noted in its half-year results that it remained cautious about the pricing of new investment in general. 3i’s share price is currently 5.98 percent lower at 808.60p.

The FTSE 100 was 0.22 percent up at 7,049.05 points as of 12:58 GMT on Thursday, 15 November 2018.

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