Footsie helped by US delay to Huawei ban

The FTSE 100 closed the day strongly as investor sentiment was buoyed when trade tensions between the US and China appeared to ease.

London’s top flight rose 18.04 points to finish at 7,328.92 points.

Stocks across Europe rallied on the back of news that the US has granted Huawei a 90-day extension before its ban will be implemented.

David Madden, market analyst at CMC Markets UK, said: “The trade standoff is still ver y much alive, but this appears to be a slight reduction in hostilities, and some traders are taking the opportunity to snap up equities.”

The pound crept up on the back of Theresa May’s announcement that MPS will be offered a vote on a second referendum.

Sterling rose 0.08 per cent to $1.273 versus the dollar and 0.12 per cent to €1.141 on the euro.

In stocks, high street stalwart WH Smith rose marginally after boss Stephen Clarke revealed plans to step down at the end of October after six years at the helm of the retailer. Shares in the retailer rose by 4p to 2,032p.

Halfords remained flat at 239p after it reported annual pre-tax profits dropped 24 per cent to £51 million.

The retailer also warned that a transformation plan would take longer than expected amid current levels of consumer uncertainty.

Meanwhile Metro Bank shareholders raised their frustrations at its annual general meeting, with more than 20 per cent of votes cast against the challenger bank’s remuneration report.

This comes just days after it was forced to raise funds on the back of January’s accounting blunder. Shares closed 49.5p higher at 705.5p.