Up and down day for sterling

Sterling endured another roller-coaster ride yesterday as Brexit talks continue in the hope of securing a deal.

The pound began the session on the back foot before surging against most major currencies amid signs a deal may be close.

At the time of close in London, sterling was 0.7% higher at 1.288 US dollars and 0.3% higher at 1.16 euros.

The FTSE 100 closed down 43.69 points at 7,167.95 – a fall of 0.6% – with trade tensions between the US and China in sharp focus.

The Dow Jones Industrial Average on Wall Street was treading water, down seven points at the time of close in London.

Online fashion firm Asos saw its shares surge to a four-month high despite posting a 68% fall in annual profits to £33.1 million.

“Sterlin g closed 0.7% higher at 1.288 US dollars”

The fall was in line with its recent profit warning and investors are starting to see Asos turn the corner, with shares in the group closing 28% higher, 3,286p.

Luxury car maker Aston Martin enjoyed some gains in the FTSE 250, finishing the sessions 8% higher at 480.9p, with broker Deutsche Bank putting a “hold” rating on the troubled stock.

The biggest FTSE 100 risers were United Utilities, up 24.6p to 890p, Severn Trent 44p higher at 2,297p, Royal Bank of Scotland 3.6p ahead at 229.7p and DCC 96p stronger at 6,976p.

The biggest FTSE 100 fallers were Hiscox off 83p at 1,518p, NMC Health down 111p at 2,569p, London Stock Exchange Group 198p weaker at 7,010p and Informa down 21.6p at 767p.