ftse

The FTSE 100 fell from its record highs on Wednesday, dragged down by a stronger pound and sliding shares in Kingfisher and IAG.

The FTSE 100 is currently down 0.74 percent at 7323.48, with the FTSE 250 down 1.07 percent at 18,784.48 (1223GMT).

The indexes were affected by large falls in household names such as Kingfisher, the owner of B&Q. Kingfisher is currently trading down 5.61 percent after saying it was concerned that uncertainty around Brexit and French politics could hit future demand.

Other major shares including Barclays, Standard Chartered and British Airways owner IAG also fell on Wednesday.

George Salmon, equity analyst at Hargreaves Lansdown, says:

“Screwfix is again the driving force behind a strong UK performance. However, with over half of group sales coming from overseas, much of the improvement in Kingfisher’s reported profits can be attributed to sterling’s weakness.”

The falls in British markets follow those in the US, with shares sinking across the board on Tuesday as investors question US President Donald Trump’s ability to deliver on promises to boost growth.