FTSE rises up after sterling takes a knock

Sterling took a series of knocks as the construction sector suffered its worst monthly slump for a decade, helping London’s top shares to rise.

The pound lost 0.33 per cent against the dollar to $1.260 and was down 0.41 per cent on the euro to €1.115, as construction output figures undershot expectations and Bank of England governor Mark Carney predicted weaker economic growth in the second half of the year.

Fawad Razaqzada, market analyst at Forex. com, said traders would now be looking towards today’s services PMI figures.

He said: “If the services PMI also misses the mark, then it will be a hat-trick of own goals for the UK economy.”

Meanwhile the FTSE 100 gained 61.69 points to 7,559.19, spurred on by the pound’s weakness.

In company news, it was reported that Karen Byers, one of Mike Ashley’s chief lieutenants, had quit Sports Direct after 28 years. Shares in the retailer lost 6.8p to close at 272p.

Five of the UK’S biggest gambling companies committed to measures to address problem gambling, including a major hike in funding for addiction, following government pressure.

The group included three London-listed firms: William Hill, which finished the day 0.15p lower at 156.7p, Ladbrokes owner GVC, which dropped 3.8p to 665.8p, and Paddy Power owner Flutter Entertainment, which was down 38p to 6,134p.

Rail app business Trainline reported a 20 per cent jump in sales for the past three months in its first trading update since floating on the stock market last month. Shares were up 2.85p to 428p.