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FTSE 100 edges lower, stays above pre-Brexit level

FTSE

Britain’s top share index edged lower on Thursday, but remained around its highest level in a week, having completely rebounded from a substantial sell-off in light of the country’s vote to leave the EU.

Britain’s FTSE 100 .FTSE index was down 0.2 per cent at 6,346.20 points by 0706 GMT. On Wednesday, the FTSE 100 had closed at its highest level since April, when it finished 3.6 per cent higher at 6,360.06 points.

That close was above last Thursday’s final level of 6,338.10, posted before the FTSE then slumped as much as 8.7 per cent at the start of trading on June 24 after Britain voted to leave the EU.

The mid-cap FTSE 250 .FTMC was flat, but remains down around 8 per cent over the last week.

Royal Bank of Scotland (RBS.L), down over 30 per cent since the vote to leave the EU, fell another 3.7 per cent on Thursday after it was cut to “equal weight” from “overweight” by Morgan Stanley.

However, 3i Group (III.L) rallied 6.5 per cent after it said it had no plans to dispose of its investment in Dutch discount retailer Action despite a number of approaches.

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Paul

The author Paul