FTSE 100 watch: Footsie up as weaker pound counters fall in miners

Property stocks in focus as Hammerson buys Intu

FTSE 100 watch: Footsie up as weaker pound counters fall in miners

The UK benchmark index has climbed marginally higher in today’s session, with a weaker pound helping offset a fall in miners. FTSE 100 property shares meanwhile have been in focus amid deal activity in the sector.

FTSE 100 marginally higher

As of 12:14 GMT, the Footsie had added 6.87 points to stand 0.01 percent higher at 7,334.37, having traded marginally lower earlier in the session. The FTSE 100 is outperforming other European indices, with a weaker pound helping blue-chips with international exposure.

The FTSE 100, however, remains pegged back by miners, whose shares have been sold off on the back of a fall in copper. Anglo American (LON:AAL) is currently the sector’s biggest faller, having given up 0.93 percent to 1,338.50p, while shares in copper miner Antofagasta (LON:ANTO) are trading 0.79 percent down at 877.50p.

Property stocks in focus

Hammerson (LON:HMSO) has been today’s most notable blue-chip faller after announcing that it had agreed a merger deal with smaller London-listed peer Intu Properties (LON:INTU). Hammerson’s shares are 2.53 percent down at 521.00p, while mid-cap Intu is 19.35 percent higher at 237.50p.

“Hammerson has a good track record in delivering operational and financial savings. While competition issues are possible, we otherwise view this as a sensible combination,” analysts at Liberum pointed out, as quoted by Reuters.

News of the deal meanwhile has lifted British Land (LON:BLND) and Land Securities (LON:LAND). British Land’s share price is 1.49 percent up at 647.50p, while shares in Land Securities are changing hands 0.53 percent higher at 941.50p.

In other company news, low-cost carrier easyJet (LON:EZJ) has added 0.98 percent up at 1,440.00p after posting a rise in November traffic.

The FTSE 100 was 0.01 percent up at 7,328.16 points as of 12:25 GMT on Wednesday, 06 December 2017. 

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