FTSE 100 watch: Footsie steady after Brexit minister resignation

Just Eat share price rises after analyst comments

FTSE 100 watch: Footsie steady after Brexit minister resignation

The UK benchmark index has climbed marginally higher in today’s session, with investors digesting the resignation of Brexit minister David Davis. In individual movers, shares in Just Eat (LON:JE) are outperforming the FTSE 100 following upbeat analyst comments.

FTSE 100 inches higher

As of 12:32 BST, the Footsie had added 21.69 points to stand 0.28 percent higher at 7,639.39, continuing to benefit from a strong jobs report in the US on Friday. Investors are also digesting the resignation of Brexit minister David Davis.

“Investors believe she will keep hold of the reins”, London Capital Group analyst Jasper Lawler said, as quoted by Reuters. Proactive Investors meanwhile quoted Jacob Deppe, head of trading of online trading platform Infinox, as commenting that the possibility that Davis’ “resignation will topple Theresa May and put a more aggressive Brexiteer at the helm of Government, resulting in a teak-hard Brexit, appears to have been dismissed”.

Blue-chip miners have lent support to the FTSE 100, benefitting from a rise in copper prices. Antofagasta (LON:ANTO) is currently the sector’s biggest riser in percentage terms, having gained 1.97 percent to 962.60p.  

Individual blue-chip moves

In individual stock news, shares in Just Eat have been in demand as analysts at Royal Bank of Canada upgraded the company from ‘outperform’ to ‘top pick’. Reuters quoted the analysts as saying that “amidst an increasingly competitive landscape,” they believed that the company was “well positioned owing to its market leading positions and strong customer loyalty”. Just Eat’s share price is currently 2.51 percent better off at 841.00p.

Shares in Ocado (LON:OCDO) are outperforming the broader market ahead of the group’s  half-year results tomorrow, and are currently trading 0.79 percent higher at 1,022.00p.

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