FTSE 100 watch: Footsie steady as investors await Brexit Plan B

FTSE 100 watch: Footsie steady as investors await Brexit Plan B
Written by:
Alice Young
March 11, 2020

The UK benchmark index has started the week on a positive note, holding steady as investors await Prime Minister Theresa May’s Brexit plan B. In individual FTSE 100 movers, Kingfisher (LON:KGF) is underperforming the broader market, suffering as a result of a downgrade at RBC.

FTSE 100 steady

As of 12:46 GMT, the Footsie had added 7.59 points to stand 0.11 percent higher at 6,975.92. Sentiment has been cautiously positive as investors await Prime Minister Theresa May’s plan B after her original Brexit deal was rejected by the country’s lawmakers last week. Expectations for any major changes, however, are low. Reuters reports that Societe Generale economists have said in a note that they think that Plan B will ‘look suspiciously like Plan A’.

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Individual movers

In individual stock news, Kingfisher’s share price is 3.44 percent down at 219.00p as RBC trimmed its rating on the B&Q owner to ‘underperform’. Proactive Investors quoted the analysts as saying in a note to clients that the FTSE 100-listed firm’s major brand Castorama was underperforming the French DIY sector as it has a weak digital offering, and that its new unified offering has not resonated with customers. They further noted that Castorama’s like-for-like sales growth in Poland had recently faded as well.

GlaxoSmithKline (LON:GSK) is marginally underperforming the broader market after announcing that its chairman Sir Philip Hampton had unveiled plans to step down. The move comes in the wake of the group’s announcement that it will create a nearly £10-billion consumer healthcare joint venture with US peer Pfizer, laying the foundation of its split into two UK-based companies. The shares are 0.43 percent down at 1,492.17p.

The FTSE 100 was 0.06 percent higher at 6,972.37 points as of 13:09 GMT on Monday, January 21, 2019.