London’s top-flight stocks were bolstered by a weaker pound and upbeat global markets on Friday, as progress appeared to be made in trade relations between the US and China.
Top-flight shares in London ended the day lower on Wednesday, with consumer goods giant Reckitt Benckiser among the biggest fallers after the announcement of its chief executive’s departure.
Sterling was in a resilient mood on Wednesday, holding onto gains ahead of a Parliamentary no-confidence vote on Theresa May’s Government.
The pound has held firm on hopes over a Plan B for Brexit as Prime Minister Theresa May fights off another challenge to her leadership.
The FTSE 100 pared losses on Thursday thanks to the weak pound while global indexes declined as previous investor optimism around US-China trade relations cooled.
The FTSE 100 followed global stock markets higher on Wednesday, buoyed by the conclusion of trade talks between the US and China.
The FTSE 100 rallied on Friday as investors grew optimistic over US-China trade relations, while the pound strengthened on better-than-expected UK services data.
The FTSE 100 index closed at its lowest level in two years on Christmas Eve as an attempt by the US treasury secretary to reassure investors mis-fired.
Sterling was higher on Friday as the UK economy kept up with expectations, but uncertainty still hovered over the markets after a rough week.
The FTSE 100 edged lower on Thursday as the Fed inspired sell-off in the US dragged London’s blue-chip index into the red.