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FTSE 100 bounces on weaker pound as no-deal Brexit fears rise; AB Foods jumps

Published 09/07/2020, 03:11 PM
Updated 09/07/2020, 03:20 PM
© Reuters.
UK100
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ABF
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FTMC
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* FTSE 100 up 0.8%, FTSE 250 adds 0.7%

Sept 7 (Reuters) - London's FTSE 100 bounced from a near
four-month low on Monday as the pound weakened on growing
prospects of the UK leaving the European Union without a trade
agreement, while Primark-owner Associated British Foods jumped
on issuing a strong forecast.
Britain has set a deadline of Oct. 15 to strike a free-trade
deal with the EU, and if none is agreed both sides should
"accept that and move on," Prime Minister Boris Johnson will say
on Monday. The export-heavy FTSE 100 .FTSE , which generally moves in
the opposite direction to the pound, was up 0.8% after ending
Friday with its biggest two-day slide in nearly a month
following a tech-led plunge on Wall Street. .N GBP/
Healthcare and financial firms were among the boosts to the
FTSE 100 in early trading, while the domestically-focussed FTSE
250 .FTMC rose for the first time in three sessions, up 0.7%.
Associated British Foods ABF.L jumped 5.2% as it said it
expected full-year profit at its Primark fashion chain to be at
least at the top end of its previously guided range after
trading in its latest quarter exceeded expectations.
Trading volumes are expected to remain muted on Monday with
U.S. equity markets closed for a local holiday.

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