FTSE 100 Pares Early Gains On Brexit Worries

U.K. shares pared early gains to trade on a flat note Tuesday, after a leaked Treasury document published by the Times showed that Britain will lose up to GBP 66 billion per year in tax revenues if it pursues the so-called “hard Brexit” option of leaving the single market and EU customs union.

The paper said that leaving the single market without a deal and switching to World trade Organization rules would lower the GDP by 9.5 percent.

The benchmark FTSE 100 was up 9 points or 0.13 percent at 7,106 in midday trading after gaining 0.8 percent the previous day.

Luxury fashion house Burberry Group rallied 2 percent after its French rival LVMH reported better-than-expected third-quarter revenue.

Plastics group Victrex soared 7 percent after delivering an improved performance in the second half.

High-street fashion brand Ted Baker climbed almost 6 percent on reporting a jump in interim profit and lifting its dividend.

Energy stocks such as Tullow Oil and Royal Dutch Shell traded narrowly mixed as oil prices retreated from one-year highs in European trade.

BP Plc shares traded marginally lower after the energy major announced its decision not to progress exploration drilling program in the Great Australian Bight (GAB), offshore South Australia.

Shares of Sky Plc slid half a percent. The pay-tv group said it has invested $2 million in Caavo, a US-based consumer electronics start-up, in the latest of a series of investments in innovative, early-stage companies.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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