FTSE closes down but pound makes gains

Trader in London Image copyright AFP

The London stock market joined its European counterparts in closing behind on Wednesday.

The benchmark FTSE 100 share index shed 30.86 points, or 0.45%, to 6,752.93.

The value of the pound had earlier jumped 1.1% after Brexit Secretary David Davis said the UK would consider making payments to the EU to get access to the single market.

Sterling later slid to 0.63% up against the dollar, at $1.2586, and was 0.24% higher against the euro at €1.1839.

Mr Davis told MPs the "major criterion" was getting the best access for goods and services to the European market.

"And if that is included... then of course we would consider it."

Roll out the barrel

Shares in oil companies were higher, as they continued to benefit from Opec's decision on Wednesday to cut output.

BP shares rose 2.31% while Royal Dutch Shell was up by about 2.8%.

After jumping about 10% on Wednesday in the wake of Opec's decision, oil prices continued to rise, with Brent crude up 4.3% at $54.05 a barrel.

Elsewhere on the stock market, shares in Daily Mail and General Trust rose 2.95% after it reported a 14% increase in full-year profits to £247m, with revenues up 4% to £1.9bn.