Poll: FTSE 100 to remain at current levels for rest of year

Brexit, earnings and valuations a concern

The FTSE 100 will stay at the same level for the remainder of the year as a combination of Brexit uncertainties, high valuations and a softening in earnings revisions were cited as key reasons to be cautious on the UK stockmarket, according to a Reuters poll.

So far this year the UK's blue-chip index has risen 4.7%, currently trading around the 7,470 mark, but a rise in sterling to the highest levels since the EU referendum means further gains this year are unlikely. In particular, the stronger currency has hindered dollar-earning businesses, while the oil sector, which makes up nearly a fifth of the index's market cap, has also underperformed. According to Reuters' poll of 33 market participants, the consensus expectation is for FTSE 100 to move little in the last three months of the year, finishing 2017 at 7,456. This would mean the U...