Economic news

Weaker Pound Lifts FTSE 100 Even, Brexit Uncertainty Remain

London’s FTSE 100 inched higher on Friday, as a weaker pound boosted shares of exporters, although gains were capped on concerns over economic damage from rising coronavirus cases and a Brexit-trade deal uncertainty with the European Union.

The blue-chip FTSE 100 index rose 0.2%, with energy , pharmaceutical and mining stocks among the biggest boosters.

A weaker pound lifted shares of large, dollar-earning companies such as Diageo Plc and British American Tobbacco Plc.

The domestically focused mid-cap FTSE 250 lost 0.2%.

Official data showed that British retail sales rose 1.2% in October, up 5.8% on-year, but a Reuters poll stated that Britain is on course for a double-dip recession as renewed lockdown measures to curb a second wave of infections deliver another hammer blow to economic activity.

In company news, Sage Group Plc fell 10.2% after the software firm reported a 3.7% drop in full-year organic operating profit.

Reporting by Devik Jain in Bengaluru, Editing by Sherry Jacob-Phillips

Source: Reuters


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