FTSE 100 Subdued As Pound Extends Rally On Brexit Hopes

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(RTTNews.com) - U.K. stocks were little changed in cautious trade on Thursday as the British pound rose sharply on the buzz that the U.K. and the European Union clinched a tentative deal that would grant U.K. companies continued approach to European markets after Brexit.

The U.K. and EU negotiators entered into a tentative deal on all aspects of a future partnership on services, as well as the exchange of data, the Times reported.

Investors also awaited the Bank of England's interest-rate decision, the latest quarterly inflation report and Governor Carney's press conference for directional cues.

The benchmark FTSE 100 was marginally lower at 7,123 in opening deals after closing 1.3 percent higher the previous day.

Mining giant BHP Billiton rose over 2 percent after announcing a share buyback and special dividend.

BP Plc, Royal Dutch Shell and Tullow Oil lost 2-3 percent as oil extended losses from the previous session on signs of rising supply.

BT Group shares jumped more than 9 percent. After reporting a rise in first-half earnings, the broadband company said it expects FY18 EBITDA to be at the upper end of range.

Replacement hip maker Smith & Nephew climbed 6.2 percent after reporting a rise in Q3 revenue and confirming FY18 view.

In economic releases, U.K. house prices rose at the slowest pace in nearly five-and-a-half years in October, figures from the Nationwide Building Society showed.

The house price index rose 1.6 percent year-on-year following a 2 percent increase in September. Economists had forecast a 1.90 percent gain.

Read the original article on RTTNews (http://www.rttnews.com/2950191/ftse-100-subdued-as-pound-extends-rally-on-brexit-hopes.aspx)

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This article appears in: Stocks , World Markets , Banking and Loans , Oil
Referenced Symbols: BHP ,

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