FTSE 100 watch: Footsie slides as latest Brexit developments lift pound

Centrica shares sold off after British Gas owner’s trading update

FTSE 100 watch: Footsie slides as latest Brexit developments lift pound

The UK benchmark index has fallen into the red in today’s session, pressured by geopolitical worries, as well as by a rise in the pound after Britain and the European Union agreed in principle on a text over their future ties. In individual FTSE 100 movers, Centrica (LON:CNA) has posted a hefty fall after updating investors on its recent performance.

FTSE 100 heads south

As of 12:35 GMT, the Footsie had given up 63.47 points to stand 0.90 percent lower at 6,986.76, pressured by a rise in the pound. Reuters reports that Britain’s currency has jumped to a one-week high after a text was sent to EU governments stating that the UK and the EU parties will have “a trading relationship on goods that is as close as possible”.

“It won’t take long before we refocus on the challenge facing the Prime Minister in getting House of Commons support for her Brexit deal,” said Societe Generale strategist Kit Juckes, as quoted by Reuters.

Individual Footsie movers

Centrica has been one of today’s most notable FTSE 100 movers, falling deep into the red after cautioning that Ofgem’s price cap is likely to result in some negative near-term impact on earnings and cash flow, particularly next year. The British Gas owner’s shares are currently 6.59 percent worse off at 136.15p.

Johnson Matthey (LON:JMAT), whose shares rallied yesterday after the group raised its sales growth targets for the full year, has given up some of the previous session’s gains and has been one of today’s biggest fallers in percentage terms, trading 5.06 percent lower at 2,982.00p.

The FTSE 100 was 0.82 percent down at 6,992.19 points as of 12:50 GMT on Thursday, 22 November 2018.

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