Footsie edges up despite pound’s gain

Market report Perry Gourley

The pound made gains as investors reacted to news that the sixth round of Brexit talks would take place next week, giving hope of a potential deal between the UK and EU.

The currency’s rise weighed on the FTSE 100, which ended the day up just 5.27 points at 7,493.08 points, although the rise meant it achieved its best monthly performance since May with a 1.6 per cent increase during October.

Burberry shares fell 20p to 1,902p as the fashion house confirmed that president Christopher Bailey will step down from the board next year, ending his 17-year stint at the high-end fashion house.

BP shares ended the day up 1.7 per cent or 8.6p at 510.2p as investors reacted to third quarter earnings results which showed that profits more than doubled in the third quarter to $1.9 billion (£1.44bn) amid a 14 per cent jump in oil and gas production.

WPP was among the biggest risers, up 39p at 1,334p, despite having rolled back annual revenue targets, and warning that advertising spending was suffering as activist investors pressured firms to cut costs.

The advertising giant said like-for-like revenue and net sales for the full year would now come in broadly flat.

Away from the top tier index, Just Eat was one of the biggest risers on the FTSE 250.

The takeaway firm’s shares rose 40p to 780p after lifting its annual revenue guidance.the move was largely driven by the “continued strength” of its Canadian-based Skipthedishes business, which it snapped up in December last year The technology firm reported revenues and profits were ahead of internal expectations in the first half of the current financial year. Shares in the Glasgow-based engineering group fell amid a gloomy outlook for third quarter profits despite strong oil and gas growth.