London stocks opened on the back foot with house builders and commercial property leading the lot as the market faced jitters about the effect of Brexit on the bricks and mortar-linked sectors. These were followed by a bevy of insurers and retailers.
Persimmon (PSN), down 5.4% to 1357.5p, led the losing legion as it said its trading through the first half of the year has been strong. It was traced by Taylor Wimpey (TW.), off 5.36% to 123.5p, and Barratt (BDEV), off 5.27% to 367.85p.
Commercial property faltered after Land Securities (LAND), lower 4.9% to 932p, and British Land (BLND), falling 4.65% to 538.75p. Insurers traced Legal & General (LGEN), down 5.21% to 177.25p, while retail followed B&Q-owner Kingfisher (KGF), down 5.23% to 302.9p.
Soon after the open, FTSE 100 was down 17.75 points, or 0.27%,m to 6504.51. FTSE 250 was lower 225, or 1.4%, to 15,891.7. Asia was down overnight, while Wall St were closed. At 8.36am, WTI crude fell 1.98% to $48.02/bbl (£36.55/bbl). Brent fell 1.42% to $49.39/bbl (£37.60/bbl).
Overall about 83 blue chips were on the back foot, 48 of them by 1% or more. Among them were supermarkets, utilities, financial services and multiple miners. Gains were muted to the upside, with Hikma (HIK) adding 0.76% to 2508p.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.