* FTSE 100 down 0.5 pct
* FTSE 250 up 0.1 pct
* Ocado surges on JV talks with M&S
* Metro Bank slumps after cash call
* Fresnillo falls after profit slump
* Travis Perkins jumps after results (Changes analyst comment, updates to closing prices)By Shashwat Awasthi and Muvija MFeb 26 (Reuters) - Britain's FTSE 100 fell on Tuesday asminer Fresnillo slumped after poor results and the sterlingrallied on growing signs of a Brexit delay, though online grocerOcado soared after confirming joint venture talks with Marks &Spencer.
The FTSE 100 ended 0.5 percent lower after steeplosses in the morning as the index's stocks, which book much oftheir earnings in dollars, were marred by the pound surging tofour-month highs.The midcaps added 0.1 percent as a 10 percent surge inTravis Perkins on better-than-expected full-yearadjusted earnings helped cushion a slump in Metro Bank triggeredby a cash call. The pound gained on reports that British Prime MinisterTheresa May would rule out a no-deal Brexit and delay the March29 deadline for exit from the European Union. Some European Union officials said the bloc would be readyto approve a short Brexit delay should Britain need more time toensure parliamentary ratification of their divorce agreement. Ireland's top share index , one of the barometers forBrexit sentiment, advanced 0.8 percent."We've been advising investors to add to domesticallyfocused stocks since the end of 2018 in a bet on an orderly,delayed Brexit. There's more to go because the market is veryunderweight," said Emmanuel Cau, head of European equitystrategy at Barclays.
Ocado shares surged 12 percent on the main indexafter confirming talks with M&S to form a joint venture.M&S shares added 3.2 percent while Ocado marked its best daysince last May when it announced a deal with Kroger.Precious metals miner Fresnillo slipped 8.3 percentas 2018 pretax profit slumped by more than a third and itflagged an "unwelcome degree of uncertainty" from the China-U.S.trade dispute. British Airways owner IAG dipped 4.3 percent after
index provider MSCI said it plans to delete the stock from itsSpanish index. Housebuilders advanced after five sessions oflosses with Persimmon rising 2 percent following resultsand CEO appointment. The rise comes after the sector was hit in the last sessionon reports of Persimmon coming under regulatory fire for itspractices under the "Help to Buy" scheme.
On the midcaps, Metro Bank tanked 16 percent onplans to raise 350 million pounds in a shareholder cash call, amonth after announcing a sharp rise in exposure to higher-riskmortgages.But building materials supplier Travis Perkins climbed to aneight-month high as its results were well-received. That alsohelped Kingfisher , which owns DIY retailer B&Q, rise by2 percent.Babcock skidded 5 percent after it saidrestructuring its European business for Brexit would cost 10million pounds ($13 million) a year. (Reporting by Shashwat Awasthi and Muvija M in BengaluruEditing by Robin Pomeroy and Andrew Cawthorne)
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