FTSE 100 watch: Footsie climbs higher amid Brexit delay hopes

Written by: Alice Young
March 11, 2020

The UK benchmark index has climbed marginally higher in today’s session, finding support in hopes about a potential delay to the country’s exit from the European Union. In individual FTSE 100 movers, Smurfit Kappa (LON:SKG) is outperforming the broader market after updating investors on its full-year performance.

FTSE 100 steady

As of 12:18 GMT, the Footsie had added 17.60 points to stand 0.25 percent higher at 7,150.74. Sentiment has been upbeat following positive leads from the US and Asia, where shares found support in optimism over a trade deal between Washington and Beijing.

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Reuters meanwhile reports that a trader has also cited growing hopes that Brexit could be delayed if an EU divorce deal agreeable by all parties is not reached by March 29. The newswire noted that Prime Minister Theresa May had asked lawmakers yesterday to give her more time to negotiate a deal acceptable to both Brussels and parliament.

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Individual movers

In individual stock news, Smurfit Kappa has been in demand after reporting revenue growth of four percent for the year ended December 31, 2018, with an underlying increase of over seven percent, and a 25-percent rise in EBITDA. Smurfit Kappa’s share price is currently 3.71 percent better off at 2,350.00p.

Shares in InterContinental Hotels Group (LON:IHG) are also outperforming the broader London market as the Holiday Inn and Crowne Plaza owner announced that it had inked a deal to acquire Six Senses Hotels Resorts Spas for $300 million as it looks to expand its luxury footprint. Shares in the blue-chip group are changing hands 1.48 percent higher at 4,524.50p.

The FTSE 100 was 0.57 percent up at 7,173.91 points as of 12:49 GMT on Wednesday, 13 February 2019.