MARKET REPORT
THE London markets jumped as they were buoyed by weakness in the pound following the latest clash between Boris Johnson and EU Brexit negotiator Michel Barnier.
Multinational firms were the big winners on a day dominated by increased trade caution over Brexit.
The FTSE 100 closed 40.3 points higher at 7,326.31 at the end of trading yesterday.
The value of the pound decreased 1.3% versus the US dollar at 1.300 and slipped 1.02% against the euro at 1.175.
Sterling also shrugged off a better-than-expected set of manufacturing output figures for January, as businesses still showed caution over Brexit and reported a second consecutive month of falling exports.
In company news, Ryanair shares jumped higher after the budget airline hailed a strong Christmas and New Year, resulting in a 6% rise in customer numbers to 36 million in the three months to December.
However, the company also tempered its long-term expectations as it is forced to keep running without the Boeing planes it was hoping would be delivered more than six months ago. Shares increased by €0.99 to €15.84 yesterday.
EasyJet led the FTSE 100 as Ryanair’s positive trading update helped to drive optimism among traders. Shares in the company were 53.5p higher at 1,446.5p at the end of trading.
Elsewhere, magazine publisher Future closed higher after it said its full-year performance is expected to surpass market expectations.
The positive trading update came days after it was attacked by short-seller Shadowfall over the price of its stock. Shares moved 52p higher to 1,332p at the close of play.
NMC Health led the fallers on the FTSE 100, with the company, which has slumped in recent months following short-seller attacks, closing 256p lower at 1,036p.
The biggest risers on the FTSE 100 were EasyJet, up 53.5p at 1,446.5p, Auto Trader, up 17.2p at 579.2p, Scottish Mortgage Investment Trust, up 17p at 598p, and Diageo, up 88p at 3,098p.
The biggest fallers were NMC Health, down 256p at 1,036p, Polymetal, down 29p at 1,257p, Royal Dutch Shell B, down 36.8p at 1,963.2p, and Royal Dutch Shell A, down 30p at 1,964.4p.