FTSE 100 rises as sterling weakens


Trader watching monitor.

London’s stock market began the week higher as the pound fluctuated around the $1.30 mark.

The FTSE 100 ended 25.52 points, or 0.34%, higher at 7,496.23.

Shares in Marks and Spencer led the index higher, rising 2.75% ahead of the High Street giant’s results on Wednesday.

Product testing company Intertek also gained, jumping 2.1%, after analysts at Kepler Cheuvreux raised their rating on the company to “buy” from “hold”.

Worldpay Group was one of the biggest fallers on the index, down 2.4%, after Bryan Garnier cut its rating on the company to “sell” from “neutral”.

A change in broker ratings was also behind a 3.2% rise in Cairn Energy’s shares. The FTSE 250 company was boosted after Macquarie lifted its rating to “outperform” from “neutral”.

On the currency markets, the pound fell back below the $1.30 mark in early trade, but then recovered to stand at $1.3005, still down 0.2% for the day. Against the euro, sterling slid 0.5% to 1.1573 euros.