At the close: Sterling loses shine and FTSE 100 goes nowhere

Jake Cordell
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The stock market couldn't get going today
The stock market couldn't get going today (Source: Getty)

Markets begun the weekend with a whimper today despite some notable summer data dumps as the FTSE 100 stayed stuck and the pound dropped down.

Traders roundly dismissed some worse than expected official construction data which showed the industry entered recession in the second quarter of the year as a little out of date for their liking. Meanwhile, sterling won big on a lunchtime rally after weak US retail sales made currency analysts think twice about the prospect of a rate rise.

But, it wasn't long before the slide resumed. Sterling ended the day languishing below €1.16 in a new post-referendum trough - the weak currency perhaps a moment of solace for those still stuck behind desks.

Read more: Eurozone growth rate halves in second quarter

The pound finished off 0.5 per cent against the euro - two cents down for the week. Against the greenback 100 pennies will fetch you $1.2937, down 0.2 per cent on yesterday.

The FTSE 100 was also unmoved, failing to shift up or down by more than 20 points all day and ending on 6,916 - up a full point.

Joshua Mahony, market analyst at IG said: "The lack of market participation has clearly led to a decrease in volatility rather than the common perception that we volatility rises as volumes fall."