FTSE 100 slips as stronger pound, subdued consumer spending data weigh

London's FTSE 100 fell on Tuesday after a solid start to the week, as a stronger pound outweighed a set of upbeat earnings, while data showed a nationwide lockdown hurt consumer spending in January.

London's FTSE 100 fell on Tuesday after a solid start to the week, as a stronger pound outweighed a set of upbeat earnings, while data showed a nationwide lockdown hurt consumer spending in January. The blue-chip FTSE 100 was down 0.2%, with food and drug retailers and construction stocks being the worst performers. The mid-cap FTSE 250 gained 0.1%

The pound jumped to a near 34-month high, weighing on the export-heavy index, as the dollar languished near its lowest in a week. The retail index fell 0.2% after surveys showed British consumer spending plunged at the fastest rate in seven months.

Bellway Plc rose 2.8% after the homebuilder reported strong demand for new homes, as low lending rates and a temporary cut in stamp duty boosted activity in the sector. Ocado Group dropped 3.8%, even after the online grocer and technology group reported a 69% increase in 2019-20 core earnings.