FTSE 100 soars 1% as pound pulls back
On Monday, British shares surged, with financial stocks among the advancers, as the British pound pulled back from a soar spurred by Donald Trump’s U.S. election win.
The FTSE 100 UKX added 1.2%, reaching 6,807.07. All sectors except the defensive utilities group grew.
On Friday, the benchmark sagged 1.4% as the British pound rose to a five-week peak against the greenback, to above $1.26. The currency pair GBP/USD lost 0.9%, trading at $1.2498, compared with Friday’s outcome of $1.2655.
The previous week, the FTSE 100 did score a weekly victory of 0.6%.
Bank stocks have soared on expectations of that Trump’s administration is going to loosen regulation on the industry. Barclays PLC BARC surged 0.49%, while those of Royal Bank of Scotland PLCRBS gained 3.2%.
Meanwhile, stocks of DCC PLC DCC added 8%, to the top of the FTSE 100. The move came after the business support services company told it expects fiscal 2017 earnings to be considerably ahead of last year, as it reported a leapt in first-half profit.