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FTSE struggles as Brexit bill debate begins

Tuesday, 12th June 2018
The FTSE 100 remained in the red as weaker housebuilders and miners dragged on performance, while MPs began a long debate over the EU Withdrawal Bill.

Despite an optimistic summit between the US and North Korea on Monday, investors remained cautious on whether this progress will continue.

Berkeley (BKG) and Barratt Development (BDEV) fell by over 2.7% apiece following negative news from Crest Nicholson (CRST) and Bellway (BWY).

Miners Anglo American (AAL) declined 3.2% to £18.12 and BHP Billiton (BLT) lost 1.3% to £17.46.

The FTSE 100 closed 0.4% lower at 7,703.

UK unemployment was 4.2% in the three months to April, down from 4.6% a year earlier according to the Office for National Statistics.

Brent crude oil slipped 0.2% to $76.33 per barrel.


Wall Street remained resilient on Tuesday with the Dow Jones the only index struggling to make gains. It was flat at 25,330 around 4:45pm UK time.


Housebuilder Crest Nicholson disappointed the market with worse than expected half year results and a reiteration of downbeat margin guidance given in May. Its shares slumped 6.3% to 417.9p.

Industry peer Bellway was also under pressure as it said it was using incentives to sell premium-priced properties and guided for margins to be slightly lower year-on-year in the 12 months to 31 July 2018. The stock weakened 3.6% to £32.87.

Luxury fashion retailer Ted Baker (TED) revealed sales growth slowed to 4.2% in the 19 weeks to 9 June amid difficult market conditions and poor weather, causing the stock to shed 1.7% to £23.46.

Hazard detection tech specialist Halma (HLMA) was broadly unmoved at £14.24 despite robust full year results as sales exceeded £1bn for the first time.

Shares in pizza delivery colossus Domino's Pizza (DOM) declined 6.2% to 361.4p on the sudden resignation of chief financial officer Rachel Osborne with no explanation.


Trendy online fashion retailer (BOO) reported slower growth in its original boohoo brand and reiterated full year guidance. Investors wanted more, marking the shares 0.9% lower to 218p.

Investors were taking profit in car retailer Motorpoint (MOTR) after beating market expectations with its latest full year results. The stock reversed 6.1% to 245p.

Tool manufacturer Oxford Instruments (OXIG) announced it was back in the black with a pre-tax profit of £34.2m in the year to 31 March, up from a loss of £26.2m. The stock rose 9.5% to £10.02.

Makeup seller Warpaint London (W7L) was up 5.1% at 225p after revealing its Christmas order book was ahead of last year for its W7 and Retra brands.

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