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FTSE 100 hits 10-month high on weaker sterling; Telford soars

Published 03/07/2019, 08:23
Updated 03/07/2019, 08:30
© Reuters. FTSE 100 hits 10-month high on weaker sterling; Telford soars
UK100
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BATS
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AZN
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SBRY
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FTMC
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TELF
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 up 0.3%, FTSE 250 up 0.1%
* Internationally exposed stocks lead on main index
* Telford Homes gains after buyout offer

July 3 (Reuters) - Britain's main index hit a 10-month high
on Wednesday as comments from the Bank of England raised hopes
of an interest rate cut and hurt the pound, while AIM-listed
Telford Homes surged after a buyout offer.
The FTSE 100 .FTSE rose 0.3%, boosted by shares of
companies that book a major chunk of their revenue from overseas
such as BAT BATS.L and AstraZeneca AZN.L . The FTSE 250
.FTMC added 0.1% by 0708 GMT.
The pound struggled for traction after Bank of England
Governor Mark Carney said on Tuesday that the global trade war
and a 'no-deal' Brexit may warrant a near-term policy response,
which markets interpreted as a dovish signal. Supermarket group Sainsbury's SBRY.L was the biggest
blue-chip loser as it shed 2% after its underlying sales
declined for a third consecutive quarter, hurt by weak clothing
and general merchandise markets. Telford Homes TELF.L climbed 12.4% to 354 pence after U.S.
real estate firm CBRE CBRE.N said it would buy the British
residential property developer for 350 pence a share in cash.

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