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Softer pound, positive earnings lift FTSE 100

Published 16/03/2021, 09:22
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Both FTSE 100 and FTSE 250 add 0.4%

March 16 (Reuters) - London's FTSE 100 inched higher on
Tuesday, as a weaker pound boosted shares of exporters and a set
of positive earnings updates helped lift confidence in the
economy's recovery.
The blue-chip FTSE 100 index .FTSE rose 0.4%, with
healthcare, financials and consumer staples stocks among the top
boost.
A softer pound lifted shares of large, dollar-earning
companies such as AstraZeneca (NASDAQ:AZN) Plc AZN.L and British American
Tobacco BATS.L .
Oil heavyweights BP Plc BP.L and Royal Dutch Shell
RDSa.L fell, tracking lower oil prices. O/R
The Bank of England governor said economic growth in the
United Kingdom would fall by 4% in the first quarter from the
same period last year and by 19% compared to the first three
months of 2019. The domestically focused FTSE 250 index .FTMC rose 0.4%,
led by consumer discretionary stocks.
Specialist pension provider Just Group Plc JUSTJ.L rose
2.7%, as it reported an 11% rise in annual earnings and flagged
progress in shoring up its capital base. Student housing provider Unite UTG.L gained 2.2%, after it
forecast a return to full occupancy and rental growth for the
upcoming academic year saying students were keen to go back to
campus life, and reinstated dividend for the pandemic-hit 2020.

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