Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

LONDON MARKETS: Brexit Hopes Sends British Pound To Highest Level Of Johnson Administration As U.K. Banks Soar

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/12/2019 | 07:29am EDT

By Steve Goldstein, MarketWatch

FTSE 250 has 21 firms with gains of at least 10%

Growing hopes that U.K. and European leaders can reach an agreed deal for Britain to leave the European Union pushed the British pound higher for a second day on Friday.

The pound rose as high as $1.2706, up from $1.2444 on Thursday, a day when the U.K. currency had its best single day percentage advance since March. Taken together, it's the best two days of gains in over a decade.

It's the strongest sterling has been since Theresa May was prime minister. Boris Johnson stepped into the No. 10 Downing Street on July 24.

European Council President Donald Tusk -- who has tweeted criticism at British Prime Minister Boris Johnson -- on Friday said he received promising signals from Ireland's Leo Varadkar that a deal is possible.

The European Commission meanwhile said Michel Barnier had a "constructive" meeting with Brexit Secretary Steve Barclay on Friday. The European Union says it has agreed with the United Kingdom to "intensify" Brexit negotiations in a belated attempt to reach a divorce deal ahead of Oct. 31, when Britain is scheduled to leave the bloc.

"The change in tone yesterday from the Irish government and the silence on the U.K. side indeed suggests the U.K. has made some notable concessions," said analysts at Citi, who said they remained skeptical a deal can be reached by Oct. 31, and that the more likely path is an extension of the Article 50 deadline and a general election.

The pound's strength weighed on U.K. stocks, as the FTSE 100 increased 0.84% to 7247.08, which isn't as strong as the rise made by European rivals. Read Europe Markets

The Brexit hopes did lift U.K. banks Lloyds Banking Group , which rose 12.3%, and the Royal Bank of Scotland , which rose 11.5%. The big multinational pharmaceuticals lost ground, with GlaxoSmithKline falling 2.2% and AstraZeneca losing 1.9%.

The mid-cap FTSE 250 rose 4.19% to 20041.70, its best single-day percentage rise in nine years. There were 21 components that saw gains of at least 10%.

Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA 0.91% 6979 Delayed Quote.17.76%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
GLAXOSMITHKLINE 0.55% 1684.2 Delayed Quote.12.33%
LLOYDS BANKING GROUP -2.28% 57.79 Delayed Quote.14.04%
THE ROYAL BANK OF SCOTLAND GROUP PLC -1.42% 215.2 Delayed Quote.0.74%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
05:31pStocks meander on caution over trade talks, dollar gains
RE
04:45pStocks meander on caution over trade talks, dollar gains
RE
04:34pStocks pause on unsettled trade deal; earnings eyed
RE
04:33pWALL STREET STOCK EXCHANGE : U.S. Stocks Inch Lower in Quiet Session
DJ
04:28pMARKET SNAPSHOT: Stocks Close Lower Amid Trade-deal Skepticism, Economic Growth Concerns
DJ
04:07pFour Stocks to Watch After Fastenal Topped Forecasts
DJ
02:36pWALL STREET STOCK EXCHANGE : U.S. Stocks Inch Up in Quiet Session
DJ
12:35pEUROPE : European stocks hit pause as trade doubts linger
RE
12:17pWALL STREET STOCK EXCHANGE : U.S. Stocks Inch Up in Quiet Session
DJ
11:54aUK stocks recoil as Brexit optimism fades; buyout spurs Sophos
RE
Latest news "Markets"