Footsie up as Johnson win fails to shock

The confirmation of Boris Johnson as the next prime minister triggered very little movement in the markets, coming as no surprise to traders.

Johnson’s victory in the Conservative leadership race had already been priced into most markets.

Sterling was down 0.27 per cent to $1.244 against the dollar, but up 0.23 per cent on the euro to €1.116.

The FTSE 100 gained 41.93 points to close at 7,556.86.

Fiona Cincotta, senior market analyst at City Index, said: “The FTSE powered higher as Boris Johnson was declared the new Conservative Party leader and Britain’s next prime minister, with investors mostly relieved that at least that the wait for the Tory vote was finally over.”

In London, Beazley saw profits almost triple in the first half of the year after the specialist insurance group was boosted by higher premiums. Shares jumped 28p to 564.5p.

Joules shares were down 6p at 249p despite a bumper performance in its overseas division as the clothing retailer reported full-year figures.

Meanwhile weak economic conditions in Nigeria and poor sales in Australia contributed to a slump in profits of more than 30 per cent at consumer goods giant PZ Cussons.

The company said it would refocus its attentions on core brands only. Shares dropped 2.5p to 224.5p.

Mccoll’s shares dipped 3.8p to 66.2p as the convenience store chain admitted it needs to focus on product availability in its shops and close under-performing sites, with profits almost wiped out in the last six months.