Footsie held back as pound edges higher

The FTSE 100 was held back after the pound rose against the dollar at the end of an uneventful week for the currency despite the extension to the Brexit deadline.

Connor Campbell, financial analyst at Spreadex, said: “Shadow chancellor John Mcdonnell’s claim that talks between Labour and the Tories have so far been ‘positive’ and ‘constructive’ did what the Halloween Brexit delay couldn’t and gave the pound a boost.”

The FTSE 100 edged up 19.1 points to 7,437.06. Michael Hewson, chief market analyst at CMC Markets UK, said: “Markets in Europe have built on last week’s strong gains after this morning’s Chinese trade data saw exports rise to a five month high.

“While some of this jump may well be as a result of a rebound after Chinese New Year, it also suggests that despite concerns about an economic slowdown, that external demand in the global economy, while weaker than a year ago, still remains sufficient to sustain further economic expansion.”

In company news, Bonmarche rebuffed a £5.7 million takeover offer for the womenswear retailer tabled by Philip Day, claiming it “materially undervalues” the company. Shares rose 0.5p to 15.5p.

Games Workshop shares soared 402p higher to 3,712p, as the miniatures retailer said it would post another profit increase this year thanks to solid trading.

Shares in Plus500 crumbled, dropping 224p to 495p, after the broker posted a slump in firstquarter revenue on “subdued” financial markets.