The UK benchmark index has climbed higher this Friday, with a fall in sterling and easing fears over the US-China trade tensions fuelling appetite for riskier assets. Hefty falls in Smiths Group (LON:SMIN) and Just Eat (LON:JE), however, are weighing on the FTSE 100.
Blue-chip index climbs higher
As of 13:08 BST, the Footsie had added 70.38 points to stand 0.96 percent higher at 7,437.70. Sentiment has been upbeat today, with investors around the world shrugging off worries over the US-China trade conflict. A drop in the pound meanwhile has benefitted shares of blue-chips with international exposure.
“Sterling is trading lower against all of its major peers today with the conclusion of the EU summit reportedly seeing UK PM May’s Chequers plan widely rebutted which has raised the prospect of a no deal scenario further,” said David Cheetham, analyst at online broker Xtb, as quoted by Proactive Investors, adding that the FTSE 100 was “on course to post a solid week of gains with the index joining in a broader risk-on move seen in stock markets around the globe with investors giving rising trade concerns short shrift as they drive equities higher”.
Smiths Group and Just Eat sold off
In individual movers, shares in Smiths Group have been sold off after the company posted a drop in reported revenue and profit for the financial year ended July 31. The engineering company’s shares are currently changing hands 4.15 percent lower at 1,525.00p.
Just Eat has been another prominent Footsie faller after a Bloomberg report suggested that Uber was in talks to buy rival Deliveroo for several billion dollars. The delivery service’s shares are 5.42 percent worse off at 669.60p.
The FTSE 100 was 1.04 percent up at 7,443.91 points as of 13:26 BST on Friday, 21 September 2018.