FTSE rises on potential trade war breakthrough and weaker sterling
Source - SMW
The FTSE 100 took advantage of a decline in sterling amid growing fears of a no-deal Brexit following the latest machinations in the House of Commons.
Investors were more hopeful of a breakthrough in trade talks between the US and China, lifting mining stocks and helping the blue-chip index rally 1.6% to 6,941.
The optimism was reflected in the US too as the Dow Jones climbed 1.3% to 24,913 at around 4:45pm UK time.
Brent crude oil rose 2% to $62.55 per barrel and copper climbed 1.2% to $2.76 per pound.
LARGE AND MID CAP RISERS AND FALLERS
Bourse operator London Stock Exchange announced it would acquire a 4.9% interest in Belgian settlement services provider Euroclear for €278.5m. The shares advanced 1.3% to £45.90.
Hungarian low-cost carrier Wizz Air recovered earlier losses to trade 2.3% higher at £31.22 as it reported a sharp fall in third-quarter profit partly owing to higher fuel costs.
Fashion retailer Burberry rose 2.3% to £17.99 after French luxury giant LVMH revealed record annual sales on Tuesday evening.
SMALL CAP RISERS AND FALLERS
Recruitment firm Staffline plummeted 32.8% to 672p on a delay for its annual earnings release, which was expected today. No reason has been given for the delay.
Shares in electricity supplier Yu soared 120.2% to 148.6p after it maintained forecasts. The news was a relief following a share price collapse late last year on the revelation that the company mis-calculated its earnings.
Performance materials group Low & Bonar dropped 2.4% to 16.1p as its annual losses more than doubled and it launched a £54m discounted share issue to strengthen its balance sheet.
Waste-to-product group Renewi gained 1.3% to 28p on announcing that it expected to deliver full-year results in line with its expectations, despite a softening performance at its commercial division.
Mobile payments group Mi-Pay shed 5.1% to 9.2p after it forecast another annual operating loss, albeit narrower, despite boosting sales.
Entertainment marketing group Reach4entertainment added 9% to 1.09p on news it had agreed to acquire 50% of Gary Neville-backed sports content supplier Buzz 16 Productions, for an undisclosed sum.