- UK stocks failed to go the way of their American counterparts on Tuesday and closed slightly in the red after the pound gained against the euro and dollar, hurting exporters.

US markets opened higher with renewed optimism of a resolution to the ongoing trade dispute between the US and China.

But it had little effect on UK markets, as the pound gained on news that a cross-party coalition has been set up in an attempt to block a no-deal Brexit.

The leading FTSE 100 benchmark index closed almost flat, down just 5.4 points to 7,089.58.


The rare bout of strength in the pound led cruise operator Carnival to drop 0.9% to £34.02, and plumbing and heating product distributor Ferguson to fall 1.57% to £58.90. Both earn in US dollars.

Shared-office group IWG rallied 3.32% to 420.6p after Sky News reported the company was considering spinning off its US business and listing it separately in New York.

Shares in business supplies distributor Bunzl were last seen broadly flat at £20.35 as its first-half adjusted profit edged up just 0.8% on a constant currency basis, and it again warned of slowing growth in the US.


Flooring retailer Carpetright jumped 9.11% to 14.73p on news that substantial shareholder Meditor had agreed to purchase its £40.7m revolving credit facility directly from its banks, marking another stage in the company's recovery.

Industrial chain supplier Renold gained 7.46% to 24.34p after an independent investigation confirmed accounting errors, due to 'intentional mis-reporting of financial information', were broadly similar in amount to previous guidance.

Cognitive assessment software provider Cambridge Cognition tumbled 52% to 30p on warning that it expected to report wider annual losses, owing to lower revenue and increased costs.

Live Company cheapened 2.48% to 39.01p despite announcing it had launched 60 Lego-focused Bricklive shows and events in the current year, achieving a key milestone before an original end-2019 target.

Retailer property investor Supermarket Income REIT nudged 0.95% higher to 106.5p as it announced that it had acquired a Sainsbury's supermarket in Preston, Lancashire from Legal & General for £54.4m.

Retailing logistics company Clipper Logistics fell 2.22% to 220p on warning that its earnings would fall 'moderately' short of market expectations.

Reabold Resources shed 3.85% to 1.25p, despite claiming that a well in which it had an interest in Romania had produced 'very encouraging' initial results, indicative of a gas and oil discovery.

Small molecule drug developer Sareum dropped 11.77% to 0.31p after it forecast a broadly flat loss for the first half, as it continued to develop treatment candidates for cancer and autoimmune diseases.

Oil and gas prodcer Jadestone Energy fell 3.64% to 53.48p, despite it reporting a rise in half-yearly profits and revenues underpinned by higher oil prices.

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