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FTSE 100 and sterling slip as Brexit uncertainty continues

By Ramla Soni

FTSE 100 falls but still close to best weekly performance

The UK’s FTSE 100 faded from a near one-month high but was close to its best weekly performance in nine months.

The FTSE 100 fell 0.05 per cent while the FTSE 250 lost 0.24 per cent, led by a -9.37 per cent plunge in Synthomer shares.

The UK’s blue chip index closed at 7,324.47, a -0.05 per cent change.

The pan-European STOXX 600 closed at 398.01, up 0.16 per cent.

Dublin stocks .ISEQ and the pound also edged lower, as UK prime minister Boris Johnson acknowledged that he could not meet his Brexit deadline of October 31.

If Johnson wins the Commons backing for a December 12 election in a vote on Monday October 28, he will bring the withdrawal agreement bill back to parliament. This would give MPs until November 6 to secure Brexit.

France clashed with the rest of the EU over the length of a Brexit extension. At the ambassadors meeting in Brussels there was a “full agreement” that there was a need for an extension beyond October 31.

Sterling was at $1.2818 in late afternoon trading, down 0.21 per cent on the day.

Meanwhile, France's CAC 40 outperformed as Gucci-owner Kering surged 8 per cent, while Italian jacket maker Moncler rose 11 per cent.

Among banks, Spain’s Banco Sabadell and UK’s Barclays both rose after reporting better than expected third-quarter earnings.

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