The FTSE 100 hit fresh 20-month highs today, while the pound dipped to its lowest level this year against the dollar amid new evidence of a slowdown in the UK’s economic recovery.
The UK bluechip index ended the day up 0.6 per cent, or 44.03 points, at 7,384.18, while the FTSE 250 closed up 0.6 per cent, or 140.80 points, at 23574.05.
The pound fell below $1.34 to the lowest level since December last year. It was down 0.1 per cent against the dollar at $1.338 shortly after London market close.
It comes as UK economic growth slowed sharply between July and September as supply chain problems hampered Britain’s recovery from the pandemic.
The Office for National Statistics said the economy expanded by 1.3 per cent between July and September, down from growth of 5.5 per cent in the previous three months.
Shares in FTSE 100-listed Johnson Matthey closed down 19 per cent today after the company said it would sell its battery materials business.
In a blow to the UK’s electric car ambitions, the firm said potential returns from the battery materials unit could not justify investments anymore.
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ONS: Consumer-facing services fell by 0.6%, mainly because of a 13.3% fall in the wholesale and retail trade and repair of motor vehicles and motorcycles
