FTSE 100 watch: Footsie inches higher after Friday’s slump

Housebuilders lend support to index after PM comments

FTSE 100 watch: Footsie inches higher after Friday’s slump

The UK benchmark index has started the week on the front foot, staying in positive territory despite political uncertainty in Italy. Housebuilders are lending some support to the FTSE 100 following comments by Prime Minister Theresa May.

Footsie inches higher

As of 12:32 GMT, Britain’s blue-chip index had added 9.91 points to stand 0.14 percent higher at 7,079.81. The FTSE 100 has advanced today, regaining some of the ground lost on Friday, despite worries over Italy’s uncertain election outcome.

“The bounce for the FTSE is tepid at best,” Mike van Dulken, head of research at Accendo Markets, said, as quoted by Reuters, adding that Brexit was still hanging over the market following a speech by Prime Minister Theresa May on Friday which failed to persuade many investors that a deal with the European Union was any closer.

Blue-chip movers

Comments by Theresa May, however, have fuelled demand for London-listed housebuilders in today’s trading.

“I expect developers to do their duty to Britain and build the homes our country needs,” the Prime Minister pointed out, as quoted by the BBC, as she announced reforms on planning rules. Persimmon (LON:PSN) is currently leading other blue-chip housebuilders higher, having gained 2.21 percent to 2,641.00p so far today.

In individual stock news, Tesco (LON:TSCO) has given up its morning gains, having rallied earlier today after announcing that it had wrapped its merger with Booker Group. The cash-and-share deal was implemented by means of a court-sanctioned of arrangement. Tesco’s shares are currently changing hands 0.05 percent at 202.10p, having traded nearly two percent higher earlier in the session.

The FTSE 100 index was 0.21 percent up at 7,084.87 points as of 12:43 GMT on Monday, 05 March 2018.

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