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(Alliance News) - The FTSE 100 opened Wednesday's session marginally lower with Fresnillo the worst performer, though London's blue-chip index was cushioned slightly as the pound fell on the likelihood of another Brexit delay.
The FTSE 100 stock index was just 2.39 points lower at 7,210.10 early Wednesday. The FTSE 250 was down 58.94 points, or 0.3%, at 20,122.97 and the AIM All-Share down 0.1% at 883.57.
The Cboe UK 100 index was down 0.1% at 12,230.08. The Cboe UK 250 was down 0.5% at 18,071.20 and the Cboe UK Small Companies flat at 11,155.70.
In mainland Europe, the CAC 40 in Paris was down 0.7% and the DAX 30 in Frankfurt off 0.4%.
"Sterling slipped overnight following the developments in the UK Parliament. However, the depreciation was relatively modest and left the pound still close to the top end of its recent trading range," noted Lloyds Banking.
UK Prime Minister Boris Johnson must now wait to hear from the heads of the EU27 after his plans to fast-track his Withdrawal Agreement Bill through the Commons before the Halloween deadline hit the buffers.
MPs voted to back Johnson's deal in principle by 329 to 299 on the second reading of the Bill, the first time the Commons has been prepared to support any Brexit deal.
However, there was anger in Downing Street after MPs rejected, by 322 votes to 308, Johnson's plan to push through the legislation approving his deal with the EU in just three days. The development makes Johnson's promise to take Britain out of the EU by October 31 "come what may" difficult to fulfil and means Brexit could be delayed until next year.
The result leaves the prime minister effectively at the mercy of EU leaders who will decide whether to grant Britain a further extension, and for how long, in order to allow it to leave with a deal. European Council President Donald Tusk said he would recommend they agree a further delay in order to avoid a no-deal Brexit.
A No 10 source indicated that if the prime minister was forced to accept a delay until the new year, he would push for a general election instead.
Sterling was quoted at USD1.2876 early Wednesday, lower than USD1.2958 at the London equities close on Tuesday.
"There seems to be nothing in today's calendar that will interest markets as the EU response is awaited. Brexit news aside the next big event is tomorrow's European Central Bank policy meeting, although that is not expected to result in any change in policy," Lloyds Banking added.
In London, Mexican miner Fresnillo was the worst performer in the FTSE 100 down 3.1% in opening trade.
Fresnillo said gold production was down 5.2% quarter-on-quarter to 209,800 ounces in the third quarter, mainly due to lower ore grade at Herradura. Annually, output was down 6.9%.
Silver production of 13.3 million ounces was down 7.9% on a sequential basis, largely due to a lower ore grade at Saucito and at San Julian Disseminated Ore Body. Year-on-year, silver output was down 15%.
Fresnillo said silver and gold production is likely to be at the lower end of guidance for 2019, though higher volumes of ore processed at Fresnillo combined with higher grades at Saucito and Fresnillo are expected to result in higher overall fourth-quarter silver production.
Chilean miner Antofagasta, meanwhile, was up 0.7% after saying it delivered another "strong" quarter in terms of production.
Copper output was 197,000 tonnes, down 0.8% on the previous quarter but year-to-date production of 582,000 tonnes was up 16% on last year.
Gold production for the year to date was 226,600 ounces, 89% higher than in the same period last year on higher grades, but for the third quarter alone was down 11% sequentially as grades declined at Centinela.
Net cash costs were USD1.12 per pound in the quarter, down 1.8% on the previous quarter.
Antofagasta maintained its annual production guidance of 750,000 to 790,000 tonnes of copper. In 2020 production is expected to be to 725,000 to 755,000 tonnes of copper as grades decline at Centinela Concentrates before rising again in 2021.
IT infrastructure provider Softcat was down 1.5% despite reporting a strong set of annual results, with revenue and profit both up.
Revenue for the financial year ended July 31 was GBP991.8 million, up 24%, while pretax profit rose to GBP84.8 million from GBP68.1 million.
The firm declared a final dividend of 10.4 pence, up 18% on a year ago, and a special dividend of 16.0p, up 6.0% on last year's 15.1p.
Softcat said it is in "great health" and "strategically well-positioned".
"We think the structural drivers for growth in our industry will continue despite current political and economic uncertainty. The board also remains confident in the company's ability to gain market share and targets further growth during 2020," said Softcat.
The FTSE 250 constituent added that trading in the first eleven weeks of the new financial year has been on track.
"Whilst our key aims of winning new customers and selling more to existing customers remain unchanged, we are doing much to further expand our addressable market and as a result the company enters the new financial year in a strong position and with good momentum" said Softcat Chief Executive Graeme Watt.
Towards the bottom of the FTSE 250 was Bodycote, down 2.3% after HSBC cut the to Hold from Buy.
Metro Bank was up 2.0% after announcing Vernon Hill has decided to step down from the role of chair with immediate effect, and will remain a non-executive director until the end of the year.
The Metro Bank founder has agreed to accept the honorary position of emeritus chair in recognition of the "extraordinary contribution" made to the challenger bank.
Non-Executive Director Michael Snyder has been appointed as interim chair with immediate effect until a permanent successor is appointed.
In Asia on Wednesday, the Japanese Nikkei 225 index closed up 0.3%. In China, the Shanghai Composite is down 0.3%, while the Hang Seng index in Hong Kong is 0.9% lower.
In the economic calendar, there are UK mortgage approvals at 0930 BST and EU consumer confidence at 1500 BST.
Internationally, third quarter earnings from payment services provider Paypal, aerospace firm Boeing, and construction equipment manufacturer Caterpillar are due on Wednesday, while software firm Microsoft releases first-quarter results.
Naeem Aslam at ThinkMarkets said investors will be monitoring earnings from two US companies very closely on Wednesday.
"Firstly, it is Caterpillar's earnings - investors do consider this report as a bellwether for the entire industry. It is expected to report [an earnings per share] number of [USD]2.87. The implications of a trade war could be seen in this number. On the tech front, we have Microsoft and it is expected to report an earning per share of [USD]1.244. For the last eight quarters, Microsoft has surprised the market with its numbers," said Aslam.
He added: "The economic docket is pretty much empty, hence most of the momentum in the market is going to take its lead from earnings."
By Lucy Heming; lucyheming@alliancenews.com
