FTSE 100 watch: Footsie steady as weak pound continues to provide support

Pearson share price rises as analysts lift valuation

FTSE 100 watch: Footsie steady as weak pound continues to provide support

The UK benchmark index has climbed marginally higher this Thursday, continuing to find support in a weaker pound, which benefits FTSE 100 stocks with international exposure. In individual movers, Pearson (LON:PSON) has climbed to the top of the blue-chip leaderboard after JPMorgan lifted its valuation on the troubled publisher.

FTSE 100 steady

As of 12:17 GMT, the Footsie had added 9.33 points to stand 0.13 percent higher at 7,357.36. The index has been propped up by a weaker sterling, with the pound subdued amid uncertainty over the ongoing Brexit talks, and particularly lack of progress on the Irish border dispute.

“We remain in somewhat of a stalemate position,” wrote Deutsche Bank strategist Jim Reid, as quoted by Reuters, adding however that he believed “the prior deadline of achieving a breakthrough this week now seems more flexible”.

Miners meanwhile have been sold off, tracking copper prices lower. Anglo American (LON:AAL) has been the sector’s biggest faller so far today, having given up 1.81 percent to 1,328.00p.

Individual movers

Pearson has been one of today’s most prominent FTSE 100 risers, benefitting from a valuation upgrade at JPMorgan Chase & Co. The analysts, which have a ‘neutral’ rating on the troubled publisher, lifted their price target on the stock from 671p to 740p. Pearson’s share price currently stands 2.23 percent higher at 737.08p.

Shares in Rolls-Royce Holdings (LON:RR) meanwhile are trading marginally lower as Air New Zealand unveiled that it was cancelling and delaying some flights due to problems with some of the UK group’s engines. Rolls-Royce’s shares are changing hands 0.05 percent at 840.00p.

The FTSE 100 was 0.04 percent up at 7,351.25 points as of 12:42 GMT on Thursday, 07 December 2017. 

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