Easyjet lifts Footsie while pound climbs

Market report Emma Newlands

The pound climbed above the $1.40 mark against the US dollar for the first time since the Brexit vote sent the UK currency into freefall.

Sterling reached $1.402 versus the greenback, as further weakness from the American dollar pushed the pound beyond the psychologicallyimportant milestone.

Brighter-than-expected government borrowing data also gave impetus to currency traders, with public sector net borrowing falling to £2.6 billion in December. The pound was 0.2 per cent lower against the euro, while the FTSE 100 closed up 16.39 points to 7,731.83 thanks to a boost from no-frills airline Easyjet. It soared to the top of the biggest risers as Ryanair’s pilot shortage and the demise of competitor Monarch paved the way for a strong first quarter for the budget airline. Shares rose 80p to 1,643.5p.

Investors were also tuning in to Sky, with the broadcasting giant enjoying gains on the London market despite Rupert Murdoch’s £11.7 billion takeover bid being provisionally blocked by the competition watchdog. Its shares jumped 23p to 1,026p.

On the second tier, retailer Pets at Home surged as its growing raft of grooming and vet services helped drive third-quarter revenues up 9.6 per cent. The firm was up 10.8p to 192.8p. The biggest risers on the FTSE 100 Index included NMC Health, up 100p to 3,460p, Croda International, up 128p to 4,597p, and Mediclinic International, up 16.2p to 625.8p.

The biggest fallers included Fresnillo, down 58.5p to 1,335p, Evraz, down 15.6p to 379.8p, and Anglo American, down 69.2p to 1,723p. The software firm said it remained “confident in the outlook for this year and beyond” as it posted rising revenue and profit with a 15 per cent divi hike. 231.4p The plus-size retailer fell out of favour with investors who were worried over the effect that promotional sales were having on its margins.