FTSE down as voting continues

In mid-morning trading, the FTSE is down ten points at 6824 as a new poll puts the ‘No’ camp in the Scottish referendum marginally ahead. 

London skyline
Source: Bloomberg

The brakes have been put on the Scottish selloff after the latest poll from TNS swung in favour of the Better Together campaign. Equity markets remain weary and confidence is far from restored, but there is a sense of calm on the trading floor this morning.

The Edinburgh-based finance houses will stay in focus until the referendum. Lloyds has managed to pull back some of its losses but it's short covering rather than conviction buying, while RBS and Standard Life have yet to see a turnaround. European equities are also on tender hooks as the EU has more sanctions in the pipeline for Russia, but Brussels is waiting to pull the trigger. 

Whitbread got off to a good start this morning but the caffeine hit was short-lived. The stock is offside despite an increase in sales from Costa Coffee and Premier Inn.

The newly-formed Dixons Carphone is up on the session. The tech retailer is hoping to receive a shipment of the latest iPhone within a fortnight. Despite a change in the polls, IG's binary bet still suggests a 27% chance of a ‘Yes’ vote from Scotland.

Facebook's market capitalisation has topped $200 billion for the first time.

We are offering a grey market on the market value of Alibaba, and it indicates a market capitalisation of $207 billion. 

The poor old pound is still under pressure as traders are not brave enough to go bargain hunting just yet. The possibility of Great Britain breaking up has hit the pound the hardest. 

In the US, we are expecting the Dow Jones to open down 15 points at 17,096. The Dow index futures continue to be rangebound. 

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