Article 50 sees sterling weaker

The FTSE 100 Index rose nearly 0.7%, or 49.92 points to 7,343.42 yesterday as the value of the pound weakened in advance of Article 50 triggering the UK’s formal exit from the EU.

Sterling fell more than 0.5% against the dollar, to 1.248, while it dropped 0.3% versus the euro, to 1.152, as investors looked towards the start of Brexit talks.

Multinational stocks in London’s blue chip market tend to benefit when foreign currencies are stronger.

Tesco ended the day up 1.25p at 191.2p after it emerged it will take a £235million hit from a deal with authorities in the wake of its 2014 accounting scandal.

Wolse ley shares jumped £2.47 to £51.30 after the Plumb Center owner announced plans to rename itself Ferguson and pull out of the Nordics, where results have been under pressure. Aviva rose 10p to £5.33 amid reports the insurance giant is looking to offload Friends Provident International for £596million.