Business

FTSE closes down as pound regains footing

Trader in front of FTSE screen Image copyright Getty Images

London's leading shares hit a new intra-day high in morning trade on Wednesday, but ended the day lower.

The FTSE 100 briefly rose above 7,563 before falling back to close 6.56 points or 0.09% lower at 7,519.95

Sterling took the opposite tack, recovering after a sharp dip, prompted by a projection suggesting there could be a hung parliament after the election on 8 June.

The pound was a fraction higher at the end of the day at $1.29.

However, the currency is 0.36% lower against the euro at 1.1452 euros.

The oil price fell to a three week low after news that Libyan output is increasing following the resolution of a technical issue.

Despite Opec promises to reduce production, there are fears that non-Opec producers will supply more.

Benchmark Brent oil briefly dipped below $50 a barrel and then recovered to $50.47 a barrel, down 3.4% on the day.

On the share market it was a poor day for mining stocks, with Rio Tinto, Glencore, BHP Billiton and Anglo American among the biggest losers.