LONDON MARKETS: FTSE 100 Ends Slightly Lower, But Keeps Record High In Sight
11 Oktober 2017 - 06:06PM
Dow Jones News
By Sara Sjolin and Victor Reklaitis, MarketWatch
Brexit talks stall in Brussels
U.K. stocks closed slightly lower on Wednesday as investors
waited for new catalysts to send the equity market into record
territory.
FTSE near all-time high: The FTSE 100 index edged down less than
0.1% to finish at 7,533.81, leaving the gauge just 0.2% below the
record close set on May 26.
The London benchmark has recently been boosted by a slide in the
pound and by renewed confidence that Prime Minister Theresa May can
hold onto her cabinet's support for her Brexit plans. It's up 0.2%
for the week with one trading session to go, stretching its October
gain to 2.2%.
Brexit in focus: May has said the ball is now in the European
Union's court for moving negotiations along. She has also warned
that the U.K. government is preparing for the divorce talks to fail
and to end with no Brexit deal.
U.K. negotiators are in Brussels this week for a fifth round of
negotiations, but the discussions were put on hold on Wednesday. EU
leaders are holding a summit on Oct. 19-20 to decide whether there
has been enough progress in Brexit talks to move onto the next
phase in the divorce proceedings, including the all-important trade
deals.
European Council President Donald Tusk has already said there
hasn't been "sufficient progress" to move discussions along.
Sterling in focus: The pound traded at $1.3208, little changed
from $1.3204 on Tuesday.
"The political uncertainties remain a major downside risk for
pound traders," said Ipek Ozkardeskaya, senior market analyst at
London Capital Group. "May talked down the possibility of another
Brexit referendum, although her deputy Damian Green voiced his
preference to remain part of the union."
"Tensions are high among the Tories, especially in the aftermath
of a difficult start to the negotiations with the EU," she said in
a note.
Stock movers: Shares of Mondi PLC (MND.JO) tumbled 7.8% after
the packaging and paper group said underlying performance for the
year is expected to be modestly below market expectations
(http://www.marketwatch.com/story/mondi-profit-rises-8-on-higher-prices-2017-10-11).
Smith & Nephew PLC (SN.LN) jumped 3.1% after reports that
hedge fund Elliott Management Corp. has built a stake in the
British medical equipment company.
On the FTSE 250 index , Dunelm Group PLC (DNLM.LN) climbed 6.3%
after the homewares retailer said first-quarter revenue jumped
25%.
(END) Dow Jones Newswires
October 11, 2017 11:51 ET (15:51 GMT)
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