Brexit developments continued to dominate the markets on Thursday, as the pound faltered but London’s top shares gained ground.
By Press Association City Staff
March 14 2019 5:36 PM
Brexit developments continued to dominate the markets on Thursday, as the pound faltered but London’s top shares gained ground.
The FTSE 100 finished up by 26.24 points, or 0.37%, at 7,185.43.
David Madden, market analyst at CMC Markets UK, said: “Stock markets are largely higher this afternoon as MPs made it clear yesterday they are not in favour of a no-deal Brexit.
“Traders understand what UK lawmakers don’t want, but they are still unclear as to that they do want. Westminster will remain in focus today as MPs are set to vote on whether article 50 should be extended or not.”
MPs defeated an amendment proposing a second referendum shortly after the market closed on Thursday.
Ahead of Thursday night’s votes, the pound was trading lower. Fiona Cincotta, senior analyst at City Index, said the decline was partly due to Labour’s decision not to back a second referendum amendment.
Sterling dipped 0.05% on the euro to 1.174, and was down 0.33% versus the dollar at 1.328.
Meanwhile the German Dax was up 0.13% and the French Cac climbed 0.82%.
Oil prices touched their highest level this year earlier in the day, but gains dwindled after Opec suggested further output cuts may be needed.
A barrel of Brent crude oil was trading at 67.4 US dollars, down 0.33%.
In London, shares in Debenhams were up 0.04p, or 1.37%, to 3.254p after the beleaguered retailer said it will give “careful consideration” to a £150 million loan proposal from Mike Ashley’s Sports Direct.
Its response followed Sports Direct’s confirmation late on Wednesday that it had made an offer of a loan to Debenhams as part of an arrangement which would install Mr Ashley as chief executive of the company.
