CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

FTSE 100: Brexit delay can’t stop index seeing red

Top UK stocks edged lower on Thursday despite Brussels extend Brexit deadline to October 31 as UK homebuilders are unable to offset exporters losses with investors fears of a global economic slowdown worsen.

The FTSE 100 edged lower on Thursday despite the UK Prime Minister Theresa May securing a Brexit delay that saw British homebuilders’ stocks rally, but not enough to offset losses suffered by miners as investors fears of a global economic slowdown rise.

The blue-chip index fell 0.1% on Thursday morning, although clawed back some of its losses later in the day. Meanwhile, the more domestically focused FTSE 250 rose as by as much as 0.84%.

FTSE 100 edges lower as miners fall prey to falling copper prices

Miners helped drag the FTSE 100 lower on Thursday with the sector suffering from weaker global demand amid ongoing trade tensions between the US and China, the world’s largest copper consumers.

Fresnillo and Polymetal International saw their stocks fall as much as 7% and 2.5% respectively on Thursday.

Meanwhile, several other blue-chip stocks traded ex-dividend, putting added pressure on the index. ITV, Standard Life and Aviva all falling between 2.2% and 4.7%.

Brexit delay not enough to stop FTSE 100 falling lower

The EU granting the UK a six-month Brexit extension arguably helped stop the FTSE 100 losing more ground, but it wasn’t enough to offset the negative sentiment for UK stocks.

‘The problem for traders and investors is that the extension to Oct. 31st does not bring us any closer to a resolution. The cliff edge has simply been pushed back,’ analyst Neil Wilson told Reuters.

‘We are in a period of peak uncertainty for UK politics and that won’t help investors pile back into UK assets,’ he added.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

Trading around Brexit

Find out how Britan’s EU exit continues to affect traders, and discover:

  • How you can trade on Brexit
  • The markets you should be watching
  • Brexit trading strategies for key assets

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.