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FTSE gains as sterling weakens on potential Brexit setback

Monday, 18th March 2019
Sterling fell sharply after House of Commons speaker John Bercow ruled out another vote on Theresa May's twice rejected Brexit deal if it is 'substantially the same.'

The FTSE 100 moved higher on the weaker pound, rising 1% to 7,299.

Ahead of a US Federal Reserve meeting this week, the Dow Jones was only 5.6 points higher at 25,854 at around 4:45pm UK time.

Brent crude oil was up 0.3% at $67.39 per barrel.

In corporate news, payment processing firm WorldPay gained 9.3% to £81 as it agreed to a $43bn sale to US rival FIS.

LARGE AND MID CAP RISERS AND FALLERS

Shoe retailer Footasylum jumped 75.1% after it agreed to be acquired by JD Sports for about £90.1m. JD Sports shares dipped 0.4%.

Pharma giant AstraZeneca gained 1.2% as its potential new treatment for lung disease was granted orphan drug designation by US regulators.

Domino's Pizza rose 1.7% to 234.7p as it played down reports of a dispute with its franchisees.

Services supplier Serco gained 0.4%, having won a contract from the government of South Australia state to operate and manage a remand centre for its department of correctional services.

Shares in Hunting rose 3.8% to 568.5p on a positive research note from investment bank UBS.

SMALL CAP RISERS AND FALLERS

Advertising grandee Martin Sorrel's newly-formed public relations company S4 Capital gained 2.6% to 126.7p, despite booking a loss, as its underlying earnings improved.

Office services provider Restore rallied 11.3% to 296p after its annual profit more than doubled, supported by strong sales at its document management business.

Russian warehouse property investor Raven Property dipped 1.1% to 42.5p as it swung to an annual loss, pinned on adverse currency movements.

Electronic systems developer PipeHawk was flat at 4.9p despite posting a first-half loss owing to higher staff costs and other expenses.


Story provided by StockMarketWire.com


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