Scottish independence: Yes poll spooks markets

Glasgow pumps and valves specialist Weir dropped 69p to 2650p. Picture: TSPL

The uncertainty caused by such an outcome on September 18 also put pressure on the pound, which fell by around 1% to near a 10-month low against the US dollar at just under 1.62.

The FTSE 100 Index fell 25.4 points to 6829.7 in a session when Edinburgh-based Standard Life declined 3% or 11.75p to 404.8p, Royal Bank of Scotland dropped 8p to 339p and Lloyds Banking Group eased 1.9p to 72.1p.

Outside the financial sector, Perth-based energy supplier SSE was down 29.5p to 1481.5p and Glasgow pumps and valves specialist Weir dropped 69p to 2650p.

The weakening of the pound should help Primark owner Associated British Foods, although its shares were 3% lower today after it said sterling’s strength earlier in the year was likely to have cost it £50 million in full-year results.

Shares dropped 4% or 110.5p to 2799p despite the company reporting another strong performance from Primark, with sales up 16% in the financial year just ended.

Outside the top flight, shares in De La Rue were 3% or 22.25p higher to 765.5p after the Bank of England said it had chosen the firm as its preferred bidder for a bank note contract due to start in April.

• WEDNESDAY MARKET CLOSE: FTSE hits 14-year high as pound eases