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FTSE 100 slips back from record high Pound slips on Article 50 news
(about 2 hours later)
Banks and energy shares pulled the FTSE 100 index back from Friday's record closing high. The value of the pound slipped as the government said it would officially notify the European Union next Wednesday that the UK is leaving.
The UK's benchmark share index was down 13.80 points at 7,411.16 index by late morning. Sterling had risen against the dollar in morning trade, but the news that Article 50 would be triggered on 29 March sent it lower.
RBS was the biggest faller in the FTSE 100, down 1.7%, while oil giant BP dropped 1.1% as the price of oil declined. By midday, the pound was down 0.1% against the dollar at $1.2387. Against the euro it fell 0.2% to 1.1521 euros.
Hikma Pharmaceuticals fell 1.6% after Bank of America Merrill Lynch cut its rating on the company to neutral. On the stock market, the FTSE 100 was down 7.45 points at 7,417.51.
Primark owner Associated British Foods was the biggest riser, up 1.8%, as Goldman Sachs improved its rating on the company to "buy" from "neutral". "The pound dropped sharply after we received the news that traders have been waiting for - Theresa May will trigger Article 50 next week," said Neil Wilson at ETX Capital.
"Despite the fact it's a known quantity we have to assume that the stark reality of exiting the European Union is hitting home."
Among individual shares, oil giant BP fell 1% as the price of oil declined.
Primark owner Associated British Foods was the biggest riser in the FTSE 100, up 1.7%, as Goldman Sachs improved its rating on the company to "buy" from "neutral".
Shares in Vodafone were unmoved by news that it had merged its Indian mobile business with Cellular, India's third-largest network. The deal will create India's largest mobile operator. Vodafone's shares inched down 0.2% to 211p.Shares in Vodafone were unmoved by news that it had merged its Indian mobile business with Cellular, India's third-largest network. The deal will create India's largest mobile operator. Vodafone's shares inched down 0.2% to 211p.
On the currency markets, the pound rose 0.2% against the dollar to $1.2419 but slipped 0.1% against the euro to 1.1539 euros.