FTSE 100 watch: Footsie extends slide amid Brexit delay hopes

The FTSE 100 has fallen into the red in today’s session, extending the previous session’s losses, with a stronger pound continuing to pressure blue-chips with international exposure. Investors are also digesting corporate updates, including the newly-announced joint venture between Ocado (LON:OCDO) and Marks & Spencer Group (LON:MKS).

FTSE 100 extends losses

As of 12:32 GMT, the Footsie had lost 46.50 points to stand 0.65 percent higher at 7,104.62. The blue-chip index has come under pressure again, with hopes for a delay in Brexit lifting sterling.

“The implications of a potential delay in Brexit and the pound’s new found strength are working against the FTSE,” Fiona Cincotta at City Index commented as quoted by Proactive Investors. “While the delay helps avoid some of the consequences of an abrupt departure from the EU it also is keeping industry in a sort of limbo that doesn’t allow for long term planning and hampers a number of business decisions.” 

Individual Footsie movers

In individual movers, shares in Ocado have been added 4.51 percent to 1,034.68p following news that the company had agreed a joint venture with M&S which will see the high street retailer pay £750 million to the online grocer. M&S’ shares, however, are 11.05 percent worse off at 269.70p.

Experian (LON:EPXN) meanwhile is 1.97 percent down at 1,969.50p as it scrapped its acquisition of rival ClearScore as it did not believe that the competition watchdog would approve the tie-up on satisfactory terms.

The FTSE 100 was 0.72 percent down at 7,099.91 points as of 13:10 GMT on Wednesday, 27 February 2019.