FTSE 100 watch: Weak pound supports Footsie ahead of Brexit votes

on Mar 11, 2019
Updated: Mar 11, 2020

The UK benchmark index has climbed higher this Monday, finding support in a weaker pound ahead of crucial Brexit votes later in the week. In individual FTSE 100 movers, Experian (LON:EXPN) is underperforming the broader market ahead of another parliamentary vote on Brexit later in the week.

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FTSE 100 climbs higher

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As of 12:10 GMT, the Footsie had added 19.80 points to stand 0.28 percent higher at 7,124.11. The blue-chip index has found support in a fall in the pound, with sterling under pressure ahead of UK parliamentary votes which will determine the course of the country’s exit from the European Union.

“These votes will decide the future course of Brexit. Theresa May is not expected to achieve the numbers required to push her Brexit deal through Parliament, after she failed to obtain legally binding adjustments to the Irish backstop arrangement that Parliament requested,” Jasper Lawler at LCG commented, as quoted by Proactive Investors, adding that with the PM’s “deal now an almost certain failure, pound traders are concerned about what actually comes next”.

Individual movers

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In individual Footsie movers, Experian has come under pressure as Deutsche Bank trimmed its stance on the company from ‘hold’ to ‘sell’. Sharecast reported that the broker had pointed to a less supportive market and said that it would be very difficult for the group to replicate the growth seen over the last 12 months. Experian’s share price is 1.58 percent worse off at 1,988.00p.

International Consolidated Airlines Group (LON:IAG) meanwhile trimmed earlier gains, currently standing 0.11 percent higher at 539.60p, as Citigroup lifted its rating and price target on the shares. The stock was more than one percent up in earlier trade.

The FTSE 100 was 0.35 percent higher at 7,129.24 points as of 12:35 GMT on Monday, 11 March 2019.

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