Latest News

UK News

Click Here to read UK News

Forex News

Click Here to read Forex News

Market News

Click Here to read Market News

Irish News
/fxcentre/i-want-to/read-news
UK News
UPDATE 2-FTSE feels IHG's pain amid caution ahead of Brexit vote
Published at 18/10/2019 at 17:30

* FTSE 100 down 0.4%, FTSE 250 flat

* Saturday's Brexit deal vote seen as pivotal

* IHG slips after quarterly revenue drops

* Avast gains after results

* Elegant Hotels hits 3-yr high on Marriott bid

(Adds analyst comments, updates to closing prices)

By Shashwat Awasthi

Oct 18 (Reuters) - London-listed stocks ended a mixed week on a cautious note ahead of a make-or-break parliamentary vote on Brexit, while InterContinental Hotels and oil stocks weighed on the FTSE 100 , which closed 0.4% lower.

InterContinental shares fell 4.6% on Friday after the Holiday Inn owner said lower business bookings in China and protests in Hong Kong had caused a drop in revenue.

UK-focussed mid-caps outperformed the blue-chip index and the European benchmark , which was dragged lower by a sharp fall in French carmaker Renault.

The FTSE 250's constituents earn most of their revenue in Britain and the index has risen more than 4% since last week as the prospects of a damaging "no-deal" Brexit have diminished.

"The bullish mood ... on the build up to the (Brexit) deal being brokered and announced, has now been replaced with a more cautious outlook," CMC Markets' David Madden said.

Traders eyed a vote on the new Brexit accord between Brussels and London, although analysts warned that progress made so far could be undone if lawmakers vote down the deal.

"It's a recipe for investors to execute only the most necessary moves in advance, before a possible 'manic Monday' in Saturday's wake," said City Index analyst Ken Odeluga.

Paul O'Connor, head of the UK-based Multi-Asset Team at Janus Henderson, said markets will be very sensitive to the margin of victory if the deal is approved in Parliament.

"A big Tory win would probably boost UK assets... A narrow Conservative win could unsettle investors," O'Connor said.

Outperforming the main index were some Brexit-sensitive stocks, including banks such as RBS and housebuilders

, which saw volatile trading through the week.

Shares in consumer goods giants Unilever and Diageo

lost about 1% each after downbeat earnings and forecast from their respective French peers Danone and Remy Cointreau and as sterling held steady.

Cybersecurity firm Avast shone among mid-caps, jumping nearly 9% after its results.

Elegant Hotels , which operates hotels and restaurants in Barbados, soared 57% to 110 pence, the price per share offered by Marriott to buy the AIM-listed company.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Shounak Dasgupta, Bernard Orr and Alexander Smith)

((Shashwat.Awasthi@thomsonreuters.com; within UK: +1 646 223 3403; outside UK: +91 80 61822606, +91 80 37962606;))

((For related prices, Reuters users may click on - *

UK stock report

FTSE index:

techMARK 100 index: FTSE futures:

Gilt futures: Smallcap index:

FTSE 250 index: FTSE 350 index:

Market digest: Top 10 by vol:

Top price gainers: Top % gainers:

Top price losers: Top % losers:

* For related news, click on - *

UK hot stocks: [HOT and GB] Wall Street:

Gilts report: Euro bond report

Pan European stock report:

Tokyo stocks: HK stocks:

Sterling report: Dollar report:

* For company prices, click on - *

Company directory: By sector:

* For pan-European market data, click on - *

European Equities speed guide................

FTSE Eurotop 300 index...........................

DJ STOXX index...................................

Top 10 STOXX sectors........................

Top 10 EUROSTOXX sectors...................

Top 10 Eurotop 300 sectors..................

Top 25 European pct gainers....................

Top 25 European pct losers..................... ))