Weaker pound pushes FTSE 100 higher; PMI data eyed

London's FTSE 100 rose on Wednesday for the second consecutive session as the largely export-focussed index benefited from a weaker pound following fresh COVID-19 curbs in the UK. SSP Group, the owner of Upper Crust and Caffe Ritazza, rose 4.2% after pointing to an improvement in weekly sales even as it forecast an 86% drop in second-half sales due to the COVID-19 pandemic.

London's FTSE 100 rose on Wednesday for the second consecutive session as the largely export-focussed index benefited from a weaker pound following fresh COVID-19 curbs in the UK. The FTSE 100 gained 0.8%, with the pound hovering near its two-month low. The UK government unveiled long-lasting restrictions to tackle a second wave of coronavirus infections that threaten to derail a fragile recovery in economic activity.

Investors are also awaiting PMI data to be released later in the day for clues on how the economy performed in September. The mid-cap index rose 1.0% with healthcare sector stocks leading gains.

Beauty products maker PZ Cussons Plc fell 1.2% despite posting a 23% rise in first-quarter revenue on higher sales of hand wash, sanitiser gels and soaps. SSP Group, the owner of Upper Crust and Caffe Ritazza, rose 4.2% after pointing to an improvement in weekly sales even as it forecast an 86% drop in second-half sales due to the COVID-19 pandemic.

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