FTSE up after news of Brexit

A roller-coaster day for FTSE firms saw the London markets close higher despite tailing off slightly in afternoon trading as optimism over a new Brexit deal softened.

Sterling also rose marginally against the dollar but still finished significantly short of its morning high after Boris Johnson secured the fresh Brexit deal.

The FTSE 100 closed 14.37 points higher at 7,182.32.

The pound was 0.3% up versus the US dollar at 1.285, and down 0.22% against the euro at 1.155.

News of the trade deal raised sentiment across the London markets as domestic-focused stocks performed particularly well. The European markets were slightly less positive, tipping into

“The European markets were slightly less positive”

the red in the afternoon after Brexit hopes had helped them rise earlier.

The German Dax decreased by 0.12% while the French Cac moved 0.42% lower.

Across the Atlantic, the Dow Jones also made modest gains amid reports that China and the US are discussing the next phase of trade talks.

The price of oil slipped as US stockpiles were significantly higher than traders expected in the latest Energy Information Administration report.

The price of a barrel of Brent crude oil decreased by 0.54% to $58.72.

The biggest risers on the FTSE 100 were Legal & General, up 7.3p at 275p, Prudential, up 33.5p at 1,498p, Rentokil, up 10.8p at 453p, and Tui, up 24.5p at 1,057.5p.

The biggest fallers were Mondi, down 81p at 1,533.5p, DS Smith, down 17.5p at 334.2p, Smurfit Kappa, down 90p at 2,444p, and BAE Systems, down 15.4p at 540p.