FTSE Closes Flat Following Brexit Extension
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The FTSE, lagging behind its European counterparts, closed on the flatline as gains in airlines and house builders were battling against loses in the heavyweight mining sector.
The UK avoiding a no deal Brexit after being granted a six-month extension to Article 50, has boosted the Brexit sensitive stocks on the index.
Airlines and house builders, the sectors which have been negatively impacted by fears of a no deal Brexit, climbed higher.
House builders were also boosted by data showing that house prices improved in March for the first time since July last year. With the prospects of a no deal Brexit kicked 6 months down the road the likes of Persimmon and Berkley Group were moving higher.
The pound was largely unmoved by the prospect of a 6-month extension to Brexit. Trading steadily versus the dollar, pound traders have become numb to the unfolding drama in Brussels and Westminster. Whilst a 6-month delay, takes the UK back from the brink of a chaotic no deal, it certainly doesn’t resolve the situation.
After rebounding from below 6600 at the turn of the year, the FTSE continues its ascent. Whilst the avoidance of a no deal Brexit is lifting the UK index, continued uncertainty could weigh on sentiment. This means that the FTSE could struggle to push through resistance at 7500 or 7560. On this downside near term support can be seen at 7376, before 7330.
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