LONDON MARKETS: London Markets Climb; Mining Shares Boost FTSE 100
11 März 2019 - 6:48PM
Dow Jones News
By Emily Horton
London markets ended higher Monday, helped by earlier weakness
in the British pound.
The heavyweight mining sectors helped support the FTSE 100.
How did markets perform?
The British pound was under pressure in earlier action as
investors awaited a vote in Parliament later this week on Brexit.
The pound jumped after the end of U.K. trading, however, rising to
$1.3143 versus $1.3014 late Friday in New York.
But sterling's earlier weakness helped London stocks outperform
its European peers on Monday, analysts said, leading to a 0.4%
climb to 7,130.62 for the U.K.'s FTSE 100 after ending the previous
week flat.
What's driving the markets?
May will head to Strasbourg, France, for last-minute talks with
senior European Union officials in a bid to get concessions that
would allow her Brexit plan to win backing from members of the U.K.
Parliament, the BBC reported
(https://www.bbc.com/news/uk-politics-47530505). On Tuesday British
lawmakers are scheduled to vote on her deal
(http://www.marketwatch.com/story/brexit-brief-another-may-delay-on-the-way-2019-03-11).
"This week, investors will closely monitor the U.K.
parliamentary voting starting tomorrow in order to determine the
short-term trade direction," Konstantinos Anthis, head of research
at ADSS, told clients in a note.
The Bank of England has ordered some U.K. lenders to triple the
amount of easy-to-sell assets they hold to help them endure a
no-deal Brexit crisis, the Financial Times reported
(https://www.ft.com/content/7450737a-4356-11e9-b168-96a37d002cd3?emailId=5c85da12a114dd0004a40895&segmentId=22011ee7-896a-8c4c-22a0-7603348b7f22)
on Sunday. "A sign that the Bank of England is getting a little
nervous ahead of this month's deadline" Michael Hewson, chief
market analysts at CMC Markets said in a client note.
Meanwhile, weaker-than-expected Chinese loan and money supply
data and declining car sales data
(http://www.marketwatch.com/story/china-car-sales-continued-to-skid-in-february-2019-03-11)
added to global economic slowdown fears.
What stocks are active?
A number of heavyweight miners supported the FTSE 100 on Monday,
both Antofagasta PLC (ANTO.LN) and Glencore PLC (GLEN.LN) climbed
1.8% while Anglo American PLC(AAL.LN) added 0.8%.
UK-listed pharmaceutical stocks were also up, with heavyweights
AstraZeneca PLC (AZN.LN) rising by 0.7%.
Budget airline Ryanair Holdings PLC(RYAAY), a customer of Boeing
Co (BA), lost more than 2% on Monday after a Boeing 737 MAX 8 plane
crashed while flying for Ethiopian Airline on Sunday, killing all
157 people on board.
(END) Dow Jones Newswires
March 11, 2019 13:33 ET (17:33 GMT)
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