FTSE rises as pound under pressure

The FTSE 100 racked up its highest points tally of the year yesterday as the pound came under selling pressure off the back of renewed Brexit fears.

London’s premier index closed the day up 73.74 points, or 1 per cent, at 7,391.12, after having breached the 7,400 barrier for the first time in six months earlier in the session.

The index was “spring-boarding off the bent back of a Brexit-weary pound”, said Connor Campbell, financial analyst at Spreadex. “All its major sectors were in the green, including a tidy little showing from the banking stocks.”

Hargreaves Lansdown and Standard Chartered were among the biggest risers, gaining 77p to 1,953.5p and 21p to 632.6p respectively.

On the FTSE 250, Provident Financial shares nudged down after suitor Non-standard Finance said it has secured commitments representing just over half of shares in the doorstep lender for its £1.3 billion hostile takeover. But Provident, which owns Vanquis Bank and Moneybarn, insisted it is continuing to explore “all appropriate alternatives” to maximise value for shareholders. Provident shares ended down 2.2p at 515.2p.

The pound, meanwhile, continued its downward trajectory after MPS failed on Monday night to agree an alternative to Prime Minister Theresa May’s widely ridiculed Brexit deal. Sterling was down 0.2 per cent versus the US dollar at $1.303 at the London market close, and shed around 0.1 per cent against the euro at €1.164.

The biggest risers on the FTSE 100 included NMC Health, up 98p at 2,439p and among the biggest fallers Evraz, down 3.6p at 636.4p.