FTSE buoyant after sterling’s mixed session

Sterling endured another rollercoaster session, with the British currency jumping after higherthan-forecast inflation and then plummeting on renewed Brexit fears.

The pound was trading flat at $1.315 at the London close, having at one point surged to its highest level since July when it touched $1.321.

It was buoyed by inflation growing more than expected last month to 2.7 per cent as higher price tags for transport, theatre tickets and autumn clothing raised pressure on household finances.

However, the currency was hampered by Theresa May being told her Brexit plans need to be “reworked” as time runs out to reach a deal with the European Union. Versus the euro, the pound was also flat at €1.126.

The FTSE 100, meanwhile, closed up 30.89 points, or 0.42 per cent, at 7,331.12 as traders moved on from the Us-china trade war.

In stocks, Tesco shares closed marginally up after the retailer unveiled its new discount store format called Jack’s, as it attempts to take the fight to German discounters Aldi and Lidl. Shares ended up 0.7p at 235.8p.

In contrast, shares in riva lS a ins bury’ s closed down 3.8p at 316.9p. It came after the Competition and Markets Authority launched the second stage of its investigation into its proposed merger with Asda.

The biggest risers on the FTSE 100 included Antofagasta, up 46.4p at 837p, Prudential, up 61.5p at 1,725.5p, and Fresnillo, up 29.2p at 825.6p. The biggest fallers included Nmc,down 106p at 3,330p, and National Grid, down 21.4p at 773.9p.