FTSE buoyed as MPS’ vote rallies pound

London’s premier index climbed higher in line with global stocks which were buoyed by the conclusion of trade talks between the US and China.

The FTSE 100 ended the day up 45.03 points at 6,906.63.

It came after the two economic superpowers reportedly ended talks on a positive note.

David Madden, market analyst at CMC, said: “Stocks are pushing higher into the close after Us-china trade talks ended on an optimistic note. Traders are aware that some structural issues still persist, and that more issues need to be resolved, but the overall mood is positive.”

In stocks, Taylor Wimpey was the biggest riser in the top flight after the housebuilder reported a 3 per cent rise in house sales during 2018 and said it was seeing “solid” signs for the year ahead. Shares closed up 8.7p at 149.1p. Sainsbury’s was the latest retailer to report on Christmas trading, blaming “cautious” consumer spending after like-for-like retail sales fell 1.1 per cent in the 15 weeks to 5 January. Shares closed up 6.1p at 272.6p.

Ted Baker shares rose 504p, or 31.19 per cent, to 2,120p after sales increased by 12 per cent over the five weeks to 5 January, with investors breathing a sigh of relief that consumers appear to be unmoved by allegations against its founder Ray Kelvin.

Sterling was up 0.4 per cent versus the dollar at $1.276 as the pound was boosted by a parliamentary vote giving MPS more control over Britain’s fate in the Brexit process.

Against the euro, the pound was down 0.5 per cent at €1.107.