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15 Nov 2018 | 16:56

FTSE resists global sell-off amid Brexit chaos

The FTSE 100 was broadly unmoved at 7,038 despite a global sell-off as concerns over a 'no-deal' Brexit caused investor jitters.

Jacob Rees-Mogg prepared a letter of no-confidence against UK Prime Minister Theresa May, who struggled with a huge backlash against a draft Brexit deal.

The deal led to the resignation of Brexit Secretary Dominic Raab among others and a sharp drop in the value of sterling.

European indices struggled with Germany's DAX falling 0.5% to 11,350. In the US, the Dow Jones declined 0.2% to 25,027 at around 4:45pm UK time.

Brent crude oil climbed 1.7% to $67.25 per barrel and copper was up 1.3% at $2.75 per pound.


Housebuilder Bovis Homes was among the weakest performers as it updated on trading and referenced Brexit uncertainty. While sales rates and house prices achieved were in line with expectations and roughly flat year-to-date, the company noted an increasing number of buyers were choosing the part-exchange option. Its shares fell 7.1% to 966p.

Antofagasta climbed 4.5% to 796p as it said Thursday it was granted approval to expand its Los Pelambres mine with first production expected in the second half of 2021.

Infrastructure services group Kier fell 5.7% to 825p after it said it had reached an agreement to sell KHSA to Downer Group for up to AUS$43.7m, or about £24m in cash.

Royal Mail slumped 6.5% to 325.4p after reporting a 25% drop in first-half profit as the company suffered from lower UK revenue due to declining letter volumes, poor UK productivity performance and smaller profit margins at its GLS European logistics arm.

Defence technology company Qinetiq was flat at 271.1p after it said "significant" campaign wins and strong organic growth had left it "well-placed" to meet its full-year expectations as it reported a 7% increase in first-half revenue.

International private hospital group Mediclinic fell 3.2% to 344.1p as it reported a 15% drop in first-half profit as regulatory changes in Switzerland impacted performance, outweighing the revenue growth seen by the company's South Africa and Middle East divisions.

Thermal processing services company Bodycote slipped 2.9% to 758.5p as it said Thursday the pace of revenue growth would moderate in the last two months of the year against a tough comparative from last year, but maintained its full-year guidance.

Self-storage company Safestore lost 3% to 532.5p despite reporting an increase in group revenue of over 11% in the fourth quarter of 2018, with both the UK and Paris trading divisions reporting growth.

Card Factory slipped 1.1% to 191.9p after it reported slower like-for-like growth in nine months through October compared with a year earlier, but reiterated its guidance for full-year earnings ahead of the crucial Christmas period.

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