FTSE Moves: Top flight stocks dip as UK election voting gets underway

Blue chip shares slipped on polling day of the UK general election after the European Central Bank (ECB) left its aggressive stimulus policy unchanged, but closed the door to further rate cuts.

The FTSE 100 Index fell 11.7 points to 7467 in afternoon trading, after the ECB tweaked its much-watched forward guidance on its stimulus measures, removing the reference to cutting rates "lower" if needed. The FTSE 250 Index was 34 points lower at 19,662.

The move is viewed by economists as hawkish as the Eurozone economy gradually recovers. However, top flight shares slipped because the prospect of more expensive cash weighs against investors.

Trading volumes were light as Conservative Prime Minister Theresa May is on course to increase her majority in the House of Commons with a final campaign poll giving the Tories a lead of seven points over Labour, led by Jeremy Corbyn, as the nation heads to the ballot box.

The last poll conducted by YouGov on Wednesday evening (7 June) put the Tories on 42% and Labour on 35%.

However, at the start of the campaign the Conservative had as much as a 24-point lead when the election was first called, in what has widely been seen as a faltering drive for votes by the Prime Minister.

Oanda senior market analyst Craig Erlam said: "The election campaign has not exactly gone as Theresa May planned or markets expected, with the monumental lead that the Conservatives had over Labour having been slashed in recent weeks, to the point that a majority is now in doubt.

"Still, markets appear relatively confident that a majority will still be achieved despite poll results ranging from a large majority to none at all."

The biggest afternoon risers in the FTSE 100 Index were ITV (+2.6p to 186.5p), British Land (+7.5p to 641.5p), Ashtead Group (+18p to 1610p), Anglo American (+11.5p to 1061.5p) and Lloyds Banking Group (+0.7p to 70.8p).

The biggest afternoon fallers in the FTSE 100 Index were Vodafone Group (-9.6p to 219.4p), Johnson Matthey (-64p to 2915p), WPP (-36p to 1640p), Kingfisher (-5.4p to 308.4p) and Wolseley (-73p to 4843p).

The biggest afternoon risers in the FTSE 250 Index were Berendsen (+98p to 1205p), Workspace Group (+33p to 909.5p), Dunelm Group (+22p to 630p), Petrofac (+11p to 360p) and Ferrexpo (+4.8p to 180.4p).

The biggest afternoon fallers in the FTSE 250 Index were Electra Private Equity (-906p to 1859p), Auto Trader Group (-21.1p to 410.6p), Vedanta Resources (-27p to 568p), Booker Group (-6.7p to 190.2p) and Redefine International (-1p to 38.4p).