Early losses on top-tier index reversed

The FTSE 100 closed higher and the pound dipped, as markets digested employment figures and comments from Chancellor Philip Hammond, who said foreign workers would not be barred from the City post-Brexit.

The top-tier index reversed early losses to close higher by 0.3% or 21.9 points at 7,021.9 points.

The pound was down 0.2% against the US dollar to near 1.227. Sterling also fell 0.2% versus the euro at 1.119.

The French Cac 40 and German Dax both closed higher, up 0.3% and 0.1% respectively.

In oil stocks, Brent crude jumped 1.6% to $52.94 per barrel after US government data showed commercial crude inventories dropped in the week to October 14. It marked the sixth decline in seven weeks.

In UK stocks, shares in Nurofen-maker Reckitt Benckiser fell 192p to 7,135p after worse-than-expected sales growth following flagging sales of a new footcare product and a disinfectant scandal in South Korea.

The firm said like-for-like revenues – which strip out exchange rates, acquisitions and disposals – rose 2% in the three months to the end of September, compared to analyst predictions of a 2.8% rise.

Chancellor Philip Hammond.