Rise in pound holds back Footsie gains

Higher than expected retail sales figures boosted the pound but meant the FTSE 100 failed to match the gains seen in other markets on the back of trade war concerns easing.

The Footsie closed up a modest 36.2 points at 7,367.32 despite the Dow Jones surging higher and Connor Campbell of Spreadex said: “It was sterling’s retail sales-assisted gains that prevented the FTSE from properly joining in with the day’s growth.”

The UK index also suffered from a Trumpinspired downturn from Brent Crude, with the US president claiming that Opec needs to do more to reduce the price.

Drinks giant Diageo saw its shares edge up 41p at 2,654p despite warning over “volatility” in some of its markets, with profits expected to take a £45 million hit due to currency fluctuations. The group behind Johnnie Walker whisky and Smirnoff vodka said trading for the year had “started well” and that performance was still in line with expectations.

However, both sales and operating profits are expected to take a hit due to currency fluctuations.

Shares in City Pub Group fell 8p to 236p despite it swinging to profit in the first half of the year, helped by new pub openings and warm summer weather. The pub operator booked a profit in the 26 weeks to 1 July compared with a loss during the same period in 2017.

Glasgow-based Minoan Group slumped by 22.7 per cent, or 1.25p, to 4.25p, after it said it would look to raise more funds in the near-term future despite agreeing to the sale of its travel division to cut debts.