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FTSE reverses gains as sterling rises on reports of Brexit delay

StockMarketWire.com

Reports that Brexit will have to be delayed to allow enough time for essential legislation to be passed boosted sterling and helped put pressure on the FTSE 100.

Having traded materially higher early on the index was down 0.2% at 6,928 by midday.

In corporate news, struggling regional carrier Flybe plunged 81% to 3.07p after it agreed to be taken over for a mere £2.2m by a joint venture comprising Stobart Group, Virgin Atlantic and funds managed by Cyrus Capital Partners.

The venture, dubbed Connect Airways, also offered a £20m bridge loan facility and up to £80m of further funding to support the airline's growth. But investors hoping a takeover battle would push up Flybe's share price have been left bitterly disappointed.

Stobart shares rallied 7.1% to 160.6p.

LARGE AND MID CAP RISERS AND FALLERS

Builder's merchant and DIY outfit Grafton, meanwhile, firmed 4.1% to 728.5p on announcing that it expected earnings 'slightly' ahead of the top end of analyst expectations.

Online electrical retailer AO World gained 3.2% to 128.2p after an 8.2% rise in third-quarter revenue helped it keep its full-year guidance intact.

SMALL CAP RISERS AND FALLERS

Online fashion retailer Quiz tumbled 29.7% to 25p as it downgraded its earnings and revenue guidance in the wake of a tough Christmas trading period and heavier spending on staff and marketing.

Mens' suit merchant Moss Brothers gained 2.7% to 26.9p as it reiterated it expected to post an annual loss as its margins shrank, while forecasting an 'extremely challenging' period ahead. Expectations were low heading into the announcement.

Management software provider Sopheon fell 4.2% to £12.79, even as it said 'early indications' pointed to it posting a higher-than-expected annual profit on the back of continue sales growth.

Legal services marketing business NAHL slumped 16.8% to 92.3p on announcing that it expected to post profits 5-10% below its previous expectations amid a 'disappointing' end to the year.

Story provided by StockMarketWire.com