AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

Britain's FTSE lags peers as upbeat retail data boost pound

LONDON: UK shares lagged their European peers on a trade war relief rally on Thursday, after better-than-expected UK
Published September 20, 2018

LONDON: UK shares lagged their European peers on a trade war relief rally on Thursday, after better-than-expected UK retail data boosted the pound which acts as an accounting drag on their foreign revenues.

The FTSE 100 closed up 0.5 percent while the leading euro zone stock index jumped 1.1 percent, its best performance in two months.

While analysts had expected a strong spring and summer to come to an end, British shoppers kept up their spending spree in August, despite the end of the World Cup, and showed no sign that the approach of Brexit was making them cautious.

"It was sterling's retails sales-assisted gains that prevented the FTSE from properly joining in" the worldwide equity rally, said Spreadex analyst Connor Campbell.

A $3.2 billion share buyback program from Rio Tinto boosted the shares of the miner by around 2.5 percent.

Other companies in the industry such as Fresnillo or Antofagasta also rose in roughly the same proportion.

Basic materials and financials were the main sectors contributing to the FTSE's rise.

GVC Holdings was down 2.8 percent with its shares now trading without entitlement to their latest dividend pay-out.

Shares in Diageo were up 1.6 percent as it reported in line results despite a hit from foreign exchange movements.

"The year has started well and performance is in line with expectations", Jefferies commented about the world's largest distributor of spirits.

There were sharper moves on small and mid-sized companies.

Lower levels of market volatility hurt quarterly revenues at trading platform IG Group, sending the stock down 9.8 percent.

Copyright Reuters, 2018
 

Comments

Comments are closed.