FTSE 100 slips as stronger pound, subdued consumer spending data weigh
- The pound jumped to a near 34-month high, weighing on the export-heavy index, as the dollar languished near its lowest in a week.
London's FTSE 100 fell on Tuesday after a solid start to the week, as a stronger pound outweighed a set of upbeat earnings, while data showed a nationwide lockdown hurt consumer spending in January.
The blue-chip FTSE 100 was down 0.2%, with food and drug retailers and construction stocks being the worst performers. The mid-cap FTSE 250 gained 0.1%.
The pound jumped to a near 34-month high, weighing on the export-heavy index, as the dollar languished near its lowest in a week.
The retail index fell 0.2% after surveys showed British consumer spending plunged at the fastest rate in seven months.
Bellway Plc rose 2.8% after the homebuilder reported strong demand for new homes, as low lending rates and a temporary cut in stamp duty boosted activity in the sector.
Ocado Group dropped 3.8%, even after the online grocer and technology group reported a 69% increase in 2019-20 core earnings.
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