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MarketScreener Homepage  >  Indexes  >  FTSE 100 Index    F100   GB0001383545

FTSE 100 INDEX

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UK stocks retreat as market waits for Brexit deal update

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10/16/2019 | 04:30am EST
Traders looks at financial information on computer screens on the IG Index trading floor

(Reuters) - London's domestically focussed mid-cap index slipped on Wednesday with investors looking for confirmation that a Brexit deal was really in the offing.

The FTSE 250 <.FTMC>, which had rallied more than 3% since last week on hopes that Britain could clinch a timely divorce deal, fell 0.9%. Traders are eyeing a crunch summit this week after last-ditch talks between London and the European Union.

The blue-chip FTSE 100 was roughly flat as gains in exporter firms like Reckitt, due to a weaker pound, were offset by a drop in housebuilders after Barratt pointed to signs of weakening future revenue.

Barratt, Britain's largest housebuilder, gave up 3.7%, while peers Persimmon and Taylor Wimpey lost around 3% each.

The sector <.FTNMX3720>, which is sensitive to updates that can impact consumer spending, has also seen volatile trading in recent weeks amid a flurry of Brexit headlines.

Officials involved in eleventh hour negotiations overnight said that differences over the terms of the split had narrowed significantly.

That followed a Bloomberg report that a draft deal was close to being sealed, which spurred a rally in firms more domestically exposed, including banks such as Lloyds and RBS, and led mid-caps to a more than one-year high.

"The permutations are labyrinthine, but financial markets are not hanging around to await the details," Oanda analyst Jeffrey Halley said, though he warned that market participants could yet be left disappointed.

Uncertainty remains whether a deal will be sealed at an EU summit on Thursday and Friday, and if Britain's minority government can get it through parliament.

News-driven moves saw AIM-listed ASOS, a victim of multiple profit warnings this year, jump 14% after the online fashion retailer said it had made strides in resolving warehousing issues that ate into its annual profit.

In contrast, clothing retailer Next skid 2.5% after its CEO sold more than 10 million pounds worth of shares, while mid-cap Royal Mail fell 6% after a major union voted in favour of a nationwide strike.

Shares of Woodford Patient Capital Trust sank 6.4% to a fresh record low, a day after embattled money manager Neil Woodford resigned as its investment manager.

(Reporting by Shashwat Awasthi in Bengaluru; editing by Patrick Graham and Shounak Dasgupta)

By Shashwat Awasthi

Stocks mentioned in the article
ChangeLast1st jan.
ASOS PLC 3.19% 3174 Delayed Quote.35.09%
BARRATT DEVELOPMENTS PLC 2.52% 642.6 Delayed Quote.35.44%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
LLOYDS BANKING GROUP 4.02% 58.54 Delayed Quote.8.54%
NEXT -0.09% 6594 Delayed Quote.65.37%
PERSIMMON 3.90% 2450 Delayed Quote.22.18%
RECKITT BENCKISER GROUP PLC -1.40% 5833 Delayed Quote.-1.71%
ROYAL MAIL PLC 2.00% 224.1 Delayed Quote.-19.26%
TAYLOR WIMPEY 0.50% 169.25 Delayed Quote.23.16%
THE ROYAL BANK OF SCOTLAND GROUP PLC 4.04% 221.6 Delayed Quote.-1.71%
WOODFORD PATIENT CAPITAL TRUST PLC -2.32% 31.55 Delayed Quote.-60.66%
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Top / Flop FTSE 100 INDEX
THE ROYAL BANK OF SCOTLAND GROUP PLC 222 Real-time Quote.4.23%
LLOYDS BANKING GROUP 58.615 Real-time Quote.4.15%
PERSIMMON 2445.5 Real-time Quote.3.71%
BARRATT DEVELOPMENTS PLC 647.4 Real-time Quote.3.29%
BARCLAYS PLC 171.14 Real-time Quote.2.82%
GLENCORE 245.525 Real-time Quote.-3.49%
HISCOX LTD 1218.5 Real-time Quote.-3.98%
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EVRAZ PLC 351.95 Real-time Quote.-5.08%
OCADO GROUP PLC 1084 Real-time Quote.-8.87%
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