While RSA Insurance and Royal Mail were strong, broadcast company ITV struggled, shedding 2%, while BHP Billiton suffered sharp falls, down by 1.9%. Accendo Markets analyst Augustin Eden noted that the FTSE 100 is still going through some ‘sideways consolidation’, but that it was also testing the 6,280 ceiling from the previous week, and creeping up to 6,400. The markets are unlikely to make any massive moves in the near future, however, as the continued uncertainty about the Brexit vote, which is due in just over three weeks, weighs on the minds of investors.
In the FTSE 250, Alliance Trust put forward a 3.3 percent increase, after RIT Capital Partners approached the investment company. RIT Capital Partners confirmed that they were engaged in talks with the company, and noted that a merger possibility was at a ‘preliminary stage of consideration’. While Alliance Trust made gains, RIT’s shares fell by 1.2 percent.
In the commodities markets, Brent Crude fell by 0.6 percent, down to $50.04. Oil companies are facing increasing pressure because of concerns about the potential for a loophole in the EU’s emissions system being closed, which would see North Sea companies facing massive bills for their carbon emissions allowances.
Finally, in the currency markets, the pound slipped slightly against the dollar.