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FTSE 100 gains on weaker pound, jump in BAT shares

Published 19/03/2020, 09:40
© Reuters.
UK100
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BATS
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BP
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DGE
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BRBY
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ULVR
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 up 0.7%, FTSE 250 down 1.1%

March 19 (Reuters) - The FTSE 100 edged higher in a choppy
start on Thursday, supported by a jump in the shares of tobacco
company BAT and a weaker pound as London braced for a virtual
shutdown due to the spread of the novel coronavirus.
The internationally focussed FTSE 100 .FTSE rose 0.7% by
0827 GMT, as exporters benefitted from a plunge in sterling to
its lowest level since March 1985. GBP/
British American Tobacco BATS.L climbed 3.7% after it said
the outbreak has not had any material impact, while shares of
other blue-chip companies including Diageo DGE.L , BP BP.L
and Unilever ULVR.L rose more than 3%. The FTSE mid-cap index .FTMC dropped 1.1% as domestic
businesses struggled after Prime Minister Boris Johnson mulled
tougher measures, including closing of underground train
stations across the capital and ordering the closure of schools.
Luxury brand Burberry Group BRBY.L gained 2.8% after
warning that sales in the final weeks of March would plunge by
around 70% to 80% compared to last year, but is mulling
cost-cutting to deal with the crisis.

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