FTSE 100 watch: Weaker pound boosts Footsie as trade worries stay in focus

DCC shares jump as group posts results and unveils acquisitions

FTSE 100 watch: Weaker pound boosts Footsie as trade worries stay in focus

The UK benchmark index has climbed higher in today’s session, finding support in a drop in sterling. In individual movers, shares in DCC (LON:DCC) are outperforming the FTSE 100 as the company updated investors on its results and announced acquisitions in the UK and the US.

FTSE 100 climbs higher

As of 12:05 BST, the blue-chip index had added 32.49 points to stand 0.42 percent higher at 7,683.82. The blue-chip index has found support in a weaker pound, with sterling retreating after US President Donald Trump criticised Prime Minister Theresa May’s Brexit strategy, saying that her proposals had probably killed off hope of a US trade deal, Reuters reported.

“We’ve got that split again where the FTSE is not necessarily rallying on massive confidence and risk appetite but [...] more to do with sterling weakness that anything else,” Mike van Dulken, head of research at Accendo Markets, said, as quoted by the newswire, adding, however, that resilience was still there.

Individual blue-chip movers

In individual blue-chip movers, shares in DCC have advanced as the company announced that its operating profit for quarter ended June 30, was in line with expectations and, as anticipated, well ahead of the prior year. The group further said that its Technology division had made acquisitions on both sides of the Atlantic. DCC’s shares are currently 3.66 percent better off at 7,152.50p.

Diageo (LON:DGE) meanwhile is 0.81 percent up at 2,807.00p, having traded more than one percent higher earlier in the session, as analysts at Goldman Sachs hiked their rating on the Johnny Walker and Smirnoff owner, pointing to a likely acceleration in organic sales growth.

The FTSE 100 was 0.42 percent up at 7,682.03 points as of 7,683.61 points as of 12:25 BST on Friday, July 13, 2018.

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