Weak pound sees Footsie climb higher

The FTSE 100 was boosted by the weaker pound, which declined after a third vote on the Prime Minister’s Brexit deal was ruled out by the speaker of the House of Commons.

The index closed 70.91 points, or 0.98 per cent, higher at 7,299.19 while Germany’s DAX fell 0.25 per cent but France’s CAC rose 0.14 per cent.

Neil Wilson, chief market analyst at Markets. com, said the Commons news was a “big blow for the UK government as it effectively closes off another vote this week unless Mrs May can pull a rabbit out of the hat”, adding that any substantial changes to the deal seem unlikely ahead of the European Council meeting this week.

However, Wilson noted that the government had already rowed back expectations for a third vote and reports indicated that Northern Ire - land’s Democratic Unionist Par t y – which is propping up May’s minority government – and the European Research Group were unlikely to back the Prime Minister.

“The thing for traders in this kind of febrile atmosphere is that it’s not abundantly clear what this means. Does it raise or lower the prospect of a no deal?

In corporate news, JD Sports is to buy fellow retailer Footasylum in a deal valuing the company at more than £90 million. JD Sports shares rose 5.4p to 491.4p and Footasylum shares were up 34.9p to 81.4p.

Meanwhile, budget British airline Easyjet pulled out of plans to form a consortium to bid for bankrupt Italian carrier Alitalia.

Easyjet said that following discussions potential partners it has now withdrawn from the process. Easyjet shares fell 11p to 1,248p.