FTSE benefits as dour data drags sterling

Sterling fell to a one-week low against the dollar, as strong US jobs data and disappointing UK industry and trade figures weighed on the currency. The pound fell nearly 0.7 per cent against the greenback to $1.288, and dropped 0.5 per cent to €1.129 against the euro as investors reacted to a string of economic releases from both sides of the Atlantic.

The currency first took a hit after figures from the Office for National Statistics showed manufacturing output had fallen 0.2 per cent month-on-month in May, while construction and industrial production output also tumbled.

Meanwhile, the UK’S deficit in goods and services, measuring the gap between exports and imports, widened by £1 billion to £3.1bn between April and May.

Better-than-expected US non-farm payrolls data, which showed that 222,000 new positions were created in June, worsened the blow.

The FTSE 100 ended the day higher by 13.64 points at 7,350.92, and Centrica shares were one of the top performers, rising 5.8p to 207.7p after a report singled out the British Gas owner as a potential takeover target.

Howden Joinery Group fell 1.3p to 416.4p on news that founder and chief executive Matthew Ingle will step down, and will be succeeded by Screwfix boss Andrew Livingston in 2018. The biggest risers on the FTSE 100 included

Easyjet, up 72p to 1,419p, Rolls-royce Holdings, up 21p to 936.5p, and International Consolidated Airlines Group, up 12.5p to 628p.

The biggest fallers included Royal Mail, down 14.2p to 410.3p, ITV, down 5.3p to 176.6p, and

WPP, down 41p to 1,569p.