Plus   Neg

FTSE 100 Rallies As Pound Slips Further Amid Brexit Uncertainty

U.K. stocks rose sharply on Monday, with rising oil prices and a weakening pound amid Brexit-related uncertainty helping underpin investor sentiment.

After Prime Minister Theresa May failed to secure significant concessions from the European Union in the latest round of talks, and with just two cabinet ministers backing her, she is facing increasing pressure to resign, the Telegraph reported.

It is believed that Tuesday's vote on her Brexit deal could result in an even worse humiliation.

The benchmark FTSE 100 was up 67 points or 0.95 percent at 7,172 in opening deals after closing down 0.7 percent on Friday.

Miners Anglo American, Antofagasta and Glencore were up 1-2 percent while energy giant BP Plc advanced 0.8 percent.

Polymetal International rallied 2 percent. The precious metals mining firm reported a 5 percent increase in adjusted EBITDA in fiscal 2018, driven by higher production volumes and stable cost performance.

Soft drinks maker Britvic gained 0.9 percent after appointing Joanne Wilson to the Board.

Clarkson slumped 8 percent after its fiscal 2018 pretax profit declined to 42.9 million pounds from 45.4 million pounds in the previous year.

Charter Court Financial and OneSavings Bank both jumped around 10 percent after the two U.K .challenger banks said they are in advanced discussions regarding a possible all-share combination of the two companies.

Provident Financial climbed 2.2 percent. The company reiterated that
Non-Standard Finance's nil-premium offer is strategically and financially flawed and presents significant risk in terms of both execution and shareholder value.

For comments and feedback contact: editorial@rttnews.com

Follow RTT