FTSE 100 watch: Footsie heads south as Brexit turmoil continues

on Jan 17, 2019
Updated: Mar 11, 2020
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The UK benchmark index has fallen deep into the red with investors digesting the latest political developments as Prime Minister Theresa May narrowly survived yesterday’s confidence vote. Investor attention has also been focused on a string of FTSE 100 company earnings including GVC Holdings (LON:GVC) whose pre-close trading update has fuelled demand for the shares.

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FTSE 100 heads south

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As of 12:29 GMT, the Footsie had given up 49.89 points to stand 0.73 percent lower at 6,812.79. Sentiment remains subdued even as Theresa May survived the confidence vote after her Brexit deal with the European Union was rejected earlier in the week.

“The Brexit process is no clearer after the government’s victory,” wrote David Page, senior economist at AXA Investment Managers, as quoted by Reuters. “Delay of some format still looks the most likely outcome.”

Blue-chips post results

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In individual Footsie movers, GVC is outperforming the broader UK market after reporting that following a strong final quarter, it expects its full-year proforma underlying EBITDA to come in between £750 million and £755 million, ahead of current market consensus. GVC’s share price is currently 3.57 percent better off at 697.00p.

Primark owner The Sage Group (LON:SGE) meanwhile is 6.14 percent up at 629.40p as it posted a rise in revenue for the first quarter of its financial year, underpinned by growth in subscriptions.

Whitbread (LON:WTB), however, is 0.71 percent down at 4,739.00p as it signalled that it does not expect to grow profit in the financial year ending February 2020.

The FTSE 100 was 0.68 percent down at 6,815.75 points as of 12:47 GMT on Thursday, January 17, 2019.

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