FTSE rises as sterling falls ahead of Brexit votes

  • Tue 22 Oct 2019 12:06

    UK stocks moved higher on Tuesday as the pound fell ahead of key Brexit votes due later in the day.

    MPs will vote on Prime Minister Boris Johnson's Withdrawal Agreement Bill and asked to approve an intense three-day timetable to consider Johnson's Brexit deal.

    Following a morning rally sterling dropped to $1.29, helping the exporter-heavy FTSE 100 index.

    At 1200, the UK's benchmark index was up 24.68 points, or 0.34%, at 7,188.32.

    LARGE AND MID CAP RISERS AND FALLERS

    Food delivery company Just Eat rocketed 26% higher to 743p after its board rejected a takeover offer pitched at 710p per share from investment group Prosus.

    Just Eat said the bid 'significantly undervalues' the company and its 'attractive assets and prospects both on a standalone basis and as part of the proposed recommended all-share combination with Takeaway.com.'

    Premier Inn hotel chain owner Whitbread pared early loses to rise 2.2% to £42.96 after it posted an expected 7.1% fall in first-half profit, driven by political uncertainty in the UK weighing on domestic travel demand.

    Consumer goods giant Reckitt Benckiser dropped 2.3% to £57.36 as it slashed its annual revenue guidance.

    Anglo American rose 1.25% to £19.64, despite warning that its full-year copper and thermal coal production would be at the lower end of their guidance ranges.

    The mining company also posted a 4% rise in overall third-quarter output.

    Outsourcing company Bunzl shed 4.3% to £19.12 as a slowdown in its underlying revenue growth continued in the third quarter, owing to mixed macroeconomic and market conditions.

    Wealth manager St. James's Place gained 1.7% to £10.30 after it recorded a 12% rise in third-quarter funds under management, owing to market performance and continued net fund inflows.

    Builders' merchant Travis Perkins rose 2.15% to £15.22 as it posted 3.8% growth in third-quarter sales, thanks to a strong performance from its tools business and Wickes DIY chain offsetting weaker merchanting growth.

    Online travel company On the Beach added 3.5% to 452p on announcing that it had increased its beefed up its marketing investment to capitalise on the liquidation of rival Thomas Cook.

    SMALL CAP RISERS AND FALLERS

    Auto dealer Pendragon advanced 5.7% to 12.26p as it posted a rise in third-quarter profit, after cost control helped buffer the company from a fall in sales.

    Musical equipment retailer Gear4music rallied 12.7% to 228p as its sales rose 16% in the first half of the year amid 'strong' international sales and a focus on higher-margin products.


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Anglo American (AAL)

2,009.50p -55.00p (-2.66%) delayed 17:42PM
Price delayed by 15 minutes.

Just Eat (JE.)

738.00p 0.00p (0.00%) delayed 17:30PM
Price delayed by 15 minutes.

Reckitt Benckiser Group (RB.)

5,833.00p -77.00p (-1.30%) delayed 18:30PM
Price delayed by 15 minutes.

St James's Place (STJ)

1,059.50p -6.00p (-0.56%) delayed 18:40PM
Price delayed by 15 minutes.

Whitbread (WTB)

4,323.00p +79.00p (+1.86%) delayed 18:29PM
Price delayed by 15 minutes.