FTSE 100 watch: Footsie steady despite UK government turmoil

Housebuilders under pressure after Rightmove data

FTSE 100 watch: Footsie steady despite UK government turmoil

The UK benchmark index has climbed higher in today’s session, despite the ongoing turmoil in the UK government, following last week’s Prime Minister Theresa May’s Brexit draft deal. Housebuilders, however, are weighing on the FTSE 100 after data from Rightmove.

FTSE 100 steady

As of 12:03 GMT, the Footsie had added 42.87 points to stand 0.61 percent higher at 7,056.75. Sentiment has been upbeat today while investors remain focused the latest political developments in the UK where Prime Minister Theresa May continues to try to gather support for her draft Brexit deal.

“Things are a bit calmer and there’s not been anything particularly exciting bearing in mind that end of last week,” Mike van Dulken, head of research at Accendo Markets, commented, as quoted by Reuters, adding that “May might have overcome the issue of no confidence vote and that adds an element of certainty and may mean we’re looking at a deal rather than a no deal and businesses like certainty”. 

Risers and fallers

Housebuilders meanwhile are pressuring the FTSE 100 after property website Rightmove revealed that UK house prices have fallen this month following a rise in October. Barratt Developments (LON:BDEV) is currently the sector’s most notable faller, having given up 1.27 percent to 496.60p.

In individual movers, Kingfisher (LON:KGF) is outperforming the broader market ahead of its third-quarter results later this week, and following news that the company is seeking to sell six B&Q stores as it looks to raise cash to fund chief executive Veronique Laury’s turnaround plan. The group’s shares are 2.92 percent up at 249.90p.

The FTSE 100 was 0.74 percent up at 7,066.06 points as of 12:36 GMT on Monday, 19 November 2018.

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