FTSE 100 watch: Footsie drops amid Supreme Court ruling

The FTSE 100 has slipped into the red in London this Tuesday, as the pound rose on the back of a Supreme Court ruling over Prime Minister Boris Johnson’s decision to shut down parliament in the run-up to Brexit. In individual movers, TUI Group (LON:TUI) is again at the top of the blue-chip leaderboard with investors digesting the company’s trading update which followed yesterday’s collapse of Thomas Cook.

FTSE 100 under pressure

As of 12:38 BST, the Footsie had given up 11.19 points to stand 0.15 percent lower at 7,314.89. The blue-chip index has come under pressure as the pound rose after the Supreme Court Prime Minister Boris Johnson’s decision to shut down parliament in the run-up to Brexit was unlawful.

“This is a win for the pro-remain side and suggests it will be harder for the government to push a no-deal Brexit before the end of October,” said Chris Graham, senior economist at Standard Chartered Bank in London, as quoted by Reuters.

Proactive Investors meanwhile quoted Artur Baluszynski, head of research at wealth manager Henderson Rowe, as commenting that a general election was now “more likely than ever”, but with both Labour and Conservative electorates fragmenting over Brexit divisions the UK was running the risk of turning into “an “Italy like” disaster”.

TUI shares fly higher

TUI has been among today’s most prominent FTSE 100 risers after announcing that its  financial 2019 year was closing out in line with the company’s expectations and as a result. The tour operator also addressed the collapse of Thomas Cook, saying that it would offer replacement flights to TUI customers booked on the collapsed company’s flights. Shares in the blue-chip group are 5.37 percent up at 949.80p.

The FTSE 100 was 0.38 percent down at 7,298.58 points as of 13:10 BST on Tuesday, 24 September 2019.