logo
Plus   Neg
Share
Email

FTSE 100 Extends Gains Despite Brexit Chaos

U.K. stocks rose on Tuesday, though the upside remained limited as the British pound recovered some ground after slipping to as low as $1.3183 overnight amid fresh Brexit worries.

After the speaker of Britain's parliament warned on Monday the government could not bring the Brexit deal back for a third vote without substantial changes, Brexit Secretary Steve Barclay said that Prime Minister Theresa May's Brexit divorce deal would probably not be put to a vote in the British parliament this week.

Investors also looked ahead to the Fed and BoE policy meetings this week for clues about the likely path of global interest rates.

The benchmark FTSE 100 was up 30 points or 0.41 percent at 7,329 in opening deals after rallying as much as 1 percent in the previous session.

Higher copper prices helped lift mining stocks, with Anglo American rising over 1 percent and Antofagasta climbing as much as 4.7 percent.

Rio Tinto rose 1.2 percent even as a U.S. judge rejected its bid to dismiss a Securities and Exchange Commission lawsuit over the company's valuation of coal assets in Mozambique.

Energy services firm Wood Group slumped 8 percent despite narrowing its annual loss.

Sainsbury's rallied 2.3 percent. The Financial Times reported that the U.K. grocer and Walmart's Asda would provide a more specific commitment to cut prices in a bid to save their proposed tie-up.

Budget airline easyJet edged up half a percent after it pulled out of talks to rescue struggling Alitalia.

Online supermarket Ocado jumped 3.4 percent after it unveiled plans to establish an office in the Washington, D.C. metro area for its Ocado Solutions technology business.

For comments and feedback contact: editorial@rttnews.com

Follow RTT