Weaker pound lifts FTSE 100 even as virus woes, Brexit uncertainty remain

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.

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.

 

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