Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

UPDATE 2-Amid Brexit deal hopes, UK Plc outshines FTSE 100

Published 11/10/2019, 17:16
© Reuters.  UPDATE 2-Amid Brexit deal hopes, UK Plc outshines FTSE 100
UK100
-
LLOY
-
NWG
-
KGF
-
BDEV
-
PSN
-
TW
-

(Updates graphic, prices)
By Josephine Mason
LONDON, Oct 11 (Reuters) - Hopes that Britain will seal a
Brexit deal saw unloved London-listed companies with exposure to
the domestic economy rise more than blue-chip stocks on Friday,
for the first time since May, in a major reversal of fortunes.
JP Morgan's UK domestic plays index that tracks about 30 UK
stocks that make all or most of their revenue at home
.JPDEUKDM soared almost 8% on Friday for its best day since
the grouping was created nearly three years ago.
The index outperformed the FTSE 100 .FTSE by 4.4%, the
only time since May that it has performed better.
The gains were driven by a rally in housebuilders, Persimmon
PSN.L , Barrett BDEV.L and Taylor Wimpey TW.L , domestic
banks Lloyds Bank LLOY.L and Royal Bank of Scotland RBS.L
and retailers, such as Kingfisher KGF.L which owns DIY chain
B&Q.
A JP Morgan index that follows UK-listed companies making
their money abroad .JPDEUKEX ended the day flat.
Investors appetite for UK focussed assets surged after
British Prime Minister Boris Johnson and his Irish counterpart
Leo Varadkar said on Thursday they saw "a pathway to a possible
deal" ahead of the Oct. 31 Brexit deadline.
Sterling hit a three-week high late on Thursday, although
the currency had a rollercoaster ride on Friday after comments
from European Council President Donald Tusk tempered some of the
optimism over talks. GBP/
Shares in London-listed companies that rely on the British
economy have suffered since the June 2016 referendum on European
Union membership.
Since May the index has languished at a big discount to the
FTSE-100 as worries have grown that the country will crash out
of the bloc following the resignation of PM Theresa May.
The markdown widened following the appointment of staunch
Brexiteer Johnson as prime minister.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
UK domestic stocks vs FTSE https://tmsnrt.rs/2pcimUL
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.