Sector movers: Brexit machinations and broker notes
As Brexit concerns sent the pound crashing to a 20-month low, companies that make most of their money overseas were enjoying a boost while domestically focused businesses suffered.
Housebuilders, construction firms and real estate were all in the red, while another UK-focused sector, retail, was also almost entirely splattered with red.
Housebuilders were also hit by a note from broker Peel Hunt, which cut its stance on several names in the sector due to Brexit uncertainty. Barratt Developments was downgraded and Persimmon's price target was slashed 27% to 2,025p.
Utilities were hit by a note on the sector from Deutsche Bank, which cut its price target on Centrica to 115p from 135p saying it sees retail disruption continuing after the price cap, while SSE was downgraded to 'hold' from 'buy' and its target price to 1,180p from 1,250p, given risks around UK politics and remaining retail exposure.
Casting a pall about the market generally and sending sterling tumbling below $1.26, Theresa May told the House of Commons that she was postponing Tuesday's all-important vote on whether or not to accept her Brexit deal. The Prime Minister will travel to Brussels to try and insist on changes to the withdrawal agreement in order to make it more acceptable to MPs.
Helal Miah, investment research analyst at The Share Centre, said: “Following Theresa May’s statement to the Commons, the stock market lurched lower although this may also be partly explained by the US markets heading further down on trade worries.
“The rise in some of the 'Brexit Proof' shares, namely the multinational pharma’s, gold miners, tobacco and consumer staple stocks were not enough to overcome the wider market sentiment."
Top performing sectors so far today
Tobacco 31,916.23 +2.04%
Pharmaceuticals & Biotechnology 14,439.94 +1.12%
Beverages 22,263.32 +0.53%
Forestry & Paper -0.34
Software & Computer Services -0.36
Bottom performing sectors so far today
Construction & Materials 4,654.28 -3.59%
Electricity 6,412.39 -3.23%
Industrial Metals & Mining 4,320.23 -3.04%
Real Estate Investment & Services 2,386.21 -3.04%
Oil Equipment, Services & Distribution 11,845.94 -2.90%
Market Movers
FTSE 100 (UKX) 6,721.54 -0.83%
FTSE 250 (MCX) 17,492.31 -1.97%
techMARK (TASX) 3,321.32 -0.65%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 7,020.00p 5.53%
GlaxoSmithKline (GSK) 1,469.60p 2.24%
British American Tobacco (BATS) 2,731.00p 2.16%
3i Group (III) 780.40p 1.93%
Imperial Brands (IMB) 2,377.50p 1.71%
AstraZeneca (AZN) 6,007.00p 1.35%
BAE Systems (BA.) 454.00p 0.98%
Kingfisher (KGF) 230.40p 0.88%
Diageo (DGE) 2,807.00p 0.57%
Coca-Cola HBC AG (CDI) (CCH) 2,381.00p 0.55%
FTSE 100 - Fallers
GVC Holdings (GVC) 630.00p -5.83%
easyJet (EZJ) 1,053.00p -5.17%
Barratt Developments (BDEV) 439.00p -5.16%
Melrose Industries (MRO) 146.95p -4.89%
Centrica (CNA) 133.45p -4.58%
Antofagasta (ANTO) 740.20p -4.47%
Persimmon (PSN) 1,861.00p -4.37%
ITV (ITV) 126.00p -4.07%
Rolls-Royce Holdings (RR.) 759.20p -3.70%
Associated British Foods (ABF) 2,164.00p -3.61%
FTSE 250 - Risers
Just Group (JUST) 97.75p 19.06%
Contour Global (GLO) 172.40p 3.61%
Centamin (DI) (CEY) 103.30p 3.09%
Amigo Holdings (AMGO) 273.75p 2.91%
Sanne Group (SNN) 570.00p 2.69%
Daejan Holdings (DJAN) 5,740.00p 2.50%
HICL Infrastructure Company Ltd (HICL) 154.70p 2.11%
Bakkavor Group (BAKK) 144.00p 1.98%
WH Smith (SMWH) 1,908.00p 1.50%
Spire Healthcare Group (SPI) 107.10p 1.23%
FTSE 250 - Fallers
Thomas Cook Group (TCG) 26.58p -13.98%
Galliford Try (GFRD) 593.50p -8.41%
Crest Nicholson Holdings (CRST) 309.40p -8.35%
Stagecoach Group (SGC) 156.70p -8.31%
Superdry (SDRY) 618.50p -8.30%
Indivior (INDV) 76.08p -8.27%
Cairn Energy (CNE) 154.00p -8.17%
Domino's Pizza Group (DOM) 238.10p -7.96%
FirstGroup (FGP) 80.35p -7.32%
Premier Oil (PMO) 70.70p -6.79%