Sterling slide helps Footsie climb higher

The FTSE 100 enjoyed a welcome boost from a weaker pound following the latest clash between Boris Johnson and EU Brexit negotiator Michel Barnier.

London’s blue-chip index ended the day 40.3 points higher at 7,326.31 as multinational firms emerged as the big winners on a day dominated by increased trade caution over Brexit.

Connor Campbell, financial analyst at Spreadex, said: “Boris Johnson and Michel Barnier laid out their conflicting positions on the future of the UK-EU trade relationship ahead of the start of talks in March.

“The Prime Minister doesn’t want to have to stick to EU rules and regulations – the bloc’s chief negotiator claims Johnson has already agreed to do exactly that.”

The value of the pound decreased 1.3 per cent versus the dollar at $1.300 and slipped 1.02 per cent against the euro at €1.175.

In company news, Easyjet led the FTSE 100 risers as a positive trading update from fellow budget carrier Ryanair helped to drive optimism among traders. Shares in the company were 3.8 per cent higher at 1,446.5p at the end of trading.

Elsewhere, NMC Health led the premier index’s fallers, with the healthcare operator, which has slumped in recent months following short-seller attacks, slumped 19.8 per cent to 1,036p.

Meanwhile, Mike Ashley’s Frasers Group announced after the market close that it has acquired a 12.5 per cent share in luxury British fashion brand Mulberry Group. Shares closed 0.6 per cent higher at 474.4p.