Softer pound, positive earnings lift FTSE 100

Reuters · 03/16/2021 08:22
Softer pound, positive earnings lift FTSE 100

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Both FTSE 100 and FTSE 250 add 0.4%

March 16 (Reuters) - London's FTSE 100 inched higher on Tuesday, as a weaker pound boosted shares of exporters and a set of positive earnings updates helped lift confidence in the economy's recovery.

The blue-chip FTSE 100 index .FTSE rose 0.4%, with healthcare, financials and consumer staples stocks among the top boost.

A softer pound lifted shares of large, dollar-earning companies such as AstraZeneca Plc AZN.L and British American Tobacco BATS.L.

Oil heavyweights BP Plc BP.L and Royal Dutch Shell RDSa.L fell, tracking lower oil prices. O/R

The Bank of England governor said economic growth in the United Kingdom would fall by 4% in the first quarter from the same period last year and by 19% compared to the first three months of 2019. nR1N2KO028

The domestically focused FTSE 250 index .FTMC rose 0.4%, led by consumer discretionary stocks.

Specialist pension provider Just Group Plc JUSTJ.L rose 2.7%, as it reported an 11% rise in annual earnings and flagged progress in shoring up its capital base. nL4N2LE1XC

Student housing provider Unite UTG.L gained 2.2%, after it forecast a return to full occupancy and rental growth for the upcoming academic year saying students were keen to go back to campus life, and reinstated dividend for the pandemic-hit 2020. nL4N2LE1W4


(Reporting by Shivani Kumaresan in Bengaluru; Editing by Subhranshu Sahu)

((Shivani.Kumaresan@thomsonreuters.com; +1 646 223 8780;))

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