Thursday, 14th March: As expected, a no-deal Brexit option has been thrown off the table. So tonight, MPs will vote on whether article 50 should be extended until June. During the early hours of trading, this allowed the pound to rise to its highest level since last June against the dollar to $1.33, which forced the FTSE 100 to open 19 points lower at 7140.
Just Group were having a particularly difficult day following the release of their 2018 preliminary results which placed them at the bottom of the FTSE 250. The results confessed that the group delivered a pre-tax loss of £85.5 million, miles away from the £181.3 million pre-tax profit they achieved in 2017. Not only did they have to reveal a pre-tax loss, but they also had to inform the market of the decision not to pay a dividend for 2018, which they suggest will be brought back in 2019.
The group also announced their fundraising plans which entail a share placing of 94 million new shares worth approximately £91.7 million and is planned to help the group strengthen its capital base and support the new franchises. The news pushed the groups share price down by around 17% in the morning to 81 pence.
The blue-chip index had another good day making it the fourth in a row as it ended 0.37% higher at 7185.43.