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Britain's FTSE moves in tight range before Fed; Just Eat plunges

Wed, 13th Jun 2018 10:27

(For a live blog on European stocks, type LIVE/ in an Eikonnews window)

* FTSE 100 up 0.1 pct

* Just Eat lead fallers on competition worries

* Glencore gains after Congo settlement

By Danilo Masoni

MILAN, June 13 (Reuters) - The FTSE 100 edged up onWednesday as a weaker pound supported the export-oriented index,helping offset a heavy fall in Just Eat on fresh competitionworries and a drop in oil prices.

The index was up 0.1 percent, moving in tight rangesas investors waited for a string of central bank decisions thisweek starting from the U.S. Federal Reserve later in the day.

Just Eat fell 8 percent, leading fallers on the FTSE,after Deliveroo stepped up competition against its rival, sayingit would allow restaurants to use their own riders for ordersplaced through its app.

"It's a model used by Just Eat, and means Deliveroo’s armyof mopeds is potentially set to mount a significant challenge tothe FTSE 100 firm’s grip on the food delivery sector," saidConnor Campbell, analyst at Spreadex.

Domino's Pizza was also lower, down 2.2 percent.

The energy sector was the biggest weight, taking 3.6 pointsoff the FTSE.

Oil majors Royal Dutch Shell and BP fell 0.4and 0.2 percent respectively as oil prices fell, hit by risingsupplies in the United States and expectations that producergroup OPEC could relax voluntary output cuts.

Glencore rose 2.3 percent after its Congo unitreach a settlement to dissolve a copper and cobalt jointventure.

Elsewhere, Dixons Carphone shares fell 3.7 percentafter the company announced a data breach in which 1.2 millionrecords of non-financial personal information had been accessed.

British small-cap Connect Group fell 47 percentafter the logistics firm warned full-year profits and dividendswould be "materially" lower than expected, and CEO Mark Cashmorestepped down.(Reporting by Danilo MasoniEditing by Andrew Heavens)

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