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Sterling slide boosts FTSE 100, discounted rights issue knocks M&S

Published 22/05/2019, 08:35
Sterling slide boosts FTSE 100, discounted rights issue knocks M&S
UK100
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BATS
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MKS
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DGE
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ULVR
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FTMC
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PETSP
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news window)
* FTSE 100 up 0.6%, FTSE 250 up 0.1%
* M&S slips after discounted offering
* Exporters top boost to main index
* Pets at Home jumps after upbeat outlook

May 22 (Reuters) - The exporter-heavy FTSE 100 index gained
on the back of a weaker pound on Wednesday as lawmakers
signalled they would not back Prime Minister Theresa May's
latest Brexit compromise, while Marks & Spencer slumped after a
discounted rights issue.
The main index .FTSE , whose companies get more than
two-thirds of their profit from abroad, advanced 0.6% by 0727
GMT while the more domestically-focussed FTSE 250 .FTMC was up
0.1%.
Internationally-exposed companies British American Tobacco
BATS.L , Unilever ULVR.L and Diageo DGE.L were among the
biggest support to the blue-chip index.
Blue-chip housebuilders including Persimmon and Barratt,
which gained in the last session when May unveiled her new
Brexit deal, gave up more than 2%.
M&S MKS.L slid 5% to a more than four-month low after it
priced a rights issue at a massive discount to Tuesday's close.
It also reported a third straight decline in annual profit,
emphasising the pain of its latest attempt at a turnaround.
Pets at Home PETSP.L jumped 8.4% on the midcap index after
it forecast higher earnings for 2020.

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