FTSE buoyed by upcoming Us-china deal

The FTSE 100 got off to a flying start on the inaugural trading day of 2020, buoyed by the “feel-good factor” of a likely reconciliatory deal between the American and Chinese governments.

London’s blue-chip index climbed 61.86 points to hit 7,604.3 on the back of apparent progress in the Us-china trade war saga.

“Phase one of the trade deal will be signed in the middle of this month, and the feel-good factor is still circulating,” said David Madden, market analyst at CMC Markets UK.

In company news, sports retailer JD Sports Fashion confirmed it will seek shareholder views throughout the first quarter of 2020 as it draws up a new pay policy for top bosses.

Around 31 per cent of investors protested at executive chairman Peter Cowgill’s £6 million bonus during the group’s annual general meeting last July. Shares closed 6p lower at 831.4p.

M&G shares were in demand even though the company has extended the ban on investors withdrawing funds from the main property fund.

Last month, the company announced it was preventing investors from withdrawing from its £2.5 billion fund on account of “unusually high and sustained outflows”, which were caused by Brexit uncertainty. Shares gained 6.6p to 243.8p.

Meanwhile foreign currency service Travelex said it has taken all its sites offline after being attacked by a software virus on New Year’s Eve.

Travelex stressed its investigations so far suggest no personal or customer data has been compromised.