Brexit concerns weigh on FTSE 100, Hut Group soars

Brexit concerns weigh on FTSE 100, Hut Group soars

Reuters  | Sep 16, 2020 10:05

Brexit concerns weigh on FTSE 100, Hut Group soars

By Shashank Nayar

(Reuters) - The FTSE 100 slipped on Wednesday due to concerns of a disorderly Brexit, while shares of The Hut Group surged in the biggest UK initial public offering since 2013.

The e-commerce firm (L:THG) soared as much as 30% on its first day of trading.

The blue-chip FTSE 100 (FTSE) and the mid-cap FTSE 250 (FTMC) were down 0.03% and 0.2%, respectively, with banking (FTNMX8350) and insurers' (FTNMX8570) stocks being among the biggest decliners.

"We have seen heavy outflows, with most investors of UK stocks in aversion mode over fears of a no-deal Brexit," said Keith Temperton, a sales trader at Forte Securities.

Fears of a no-deal Brexit have returned to the forefront following Prime Minister Boris Johnson's proposal to breach the divorce treaty with the European Union, raising the risk of another blow to a domestic economy already grappling with fallout from the COVID-19 pandemic.

Investors are now looking to the Bank of England's policy meeting on Thursday for signs of more stimulus, a day after the U.S. Federal Reserve is expected to wrap up its meeting with a renewed pledge to keep interest rates low for long.

British homebuilder Redrow (L:RDW) fell 1.9% after reporting a plunge in annual profit, while promising to renew dividend payouts next year as it halts investments in London and focuses on its Heritage Collection homes.

© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain

Construction firm Galliford Try Holdings (L:GFRD) rose 9.8% after it said it expects to return to profitability in fiscal 2021 as site activity resumes and productivity nears normal levels.

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