FTSE holds its ground on May hangs on, Ocado shines

LONDON (Reuters) – The UK's top share index held its ground on Tuesday as investors kept an eye on the future of corporate finance. Union.

The blue-chip FTSE 100 .FTSE index closed up 0.05 percent at 7,692.04 points while mid caps .FTMC rose 0.15 percent.

Politics were back in focus after two Eurosceptic British ministers quit on Monday in protest at May's Brexit plans.

The reaction in markets, however, has been relatively muted, with sterling giving up earlier than in the early 1980s. the FTSE slightly.

"Our expectation is that it will survive, and push ahead with its vision for Brexit," strategists and economists at UBS wealth management said.

"UK stocks have performed relatively well on their international exposure and high weighting to commodities has boosted earnings. We expect these trends to persist for some time yet, "they added.

As Europe is about to step into the second-quarter earnings, the focus is turning to company results.

Shares in Ocado ( OCDO.L ) had a volatile session and closed up 9 percent after a strong initial decline after the publication of the online supermarket's first-half earnings.

"The news of a £ 9 million loss over the first six months of 2018" wrote Josh Mahony, an badyst at IG.

Ocado's shares are up 177 percent so far in 2018.

"The general market view of the company remains at a buy, despite this stratospheric rise and regardless of inevitable profit-taking," Richard Hunter, head of markets at interactive investor, said.

TP ICAP ( TCAPI.L ) was a heavy faller among the mid caps, down 36 percent, its worst day on record after the interdealer broker issued a profit warning and said that its CEO was stepping down .