Home news FTSE 100 recovers as sterling slips

FTSE 100 recovers as sterling slips

13
0

UK shares reversed early losses to head higher as the pound lost ground against other currencies.North Korea’s threat to test a hydrogen bomb over the Pacific had hit stocks in early trade, but the FTSE 100 then recovered to stand 19.55 points higher at 7,283.45 by midday.The pound slipped 0.2% against the dollar to $1.3558, and fell 0.4% against the euro to 1.1327 euros.Markets are waiting for Theresa May’s speech in Florence later.The UK prime minister is expected to set out plans for a transition period after Brexit. Mrs May is also expected to tell EU leaders there is a shared responsibility to make Brexit work “smoothly” as she attempts to break the deadlock in negotiations.Among the main share movers, Smiths Group dropped 4.5% despite the conglomerate reporting a 17% rise in profit to £528m for the year to 31 July.Analysts focused on Smiths’ slight dip in underlying revenues, with Morgan Stanley describing it as “disappointing”.After jumping more than 14% on Thursday, shares in Johnson Matthey continued to rise, climbing a further 2.7%. Investors had cheered the company confirming its full-year sales guidance and the announcement of a £200m fund to invest in developing battery materials so it can benefit from the growth in electric cars.
Source: BBC