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17 Jun 2019 | 16:37

Pound slips back as FTSE closes in positive territory

Sterling slipped on further signs Brexiteer Boris Johnson is leading the chase to become the next PM, with a lack of new market-moving news also helping the FTSE 100 amble to gains of 0.2% on Monday at 7,363.16.

The S&P 500 was also in modestly positive territory, trading up 0.2% to 2,893.90 by 4.30pm UK time.

The airline sector suffered some turbulence following a profit warning from German carrier Lufthansa. Easyjet led the descent, down 4.5%.

Shares in packaging firm DS Smith were also under pressure, down 5.2% on a downgrade from Exane BNP Paribas.


Royal Bank of Scotland added 1.4% after it confirmed that it would collect £400m from a sell-down of its stake in Alawwal bank, triggered by the latter's merger with Saudi British Bank.

Construction company Kier shed 18% on announcing that it would suspend dividend payments, cut jobs and sell assets as part of turnaround programme to lower its debt.

Defence contractor Babcock International climbed 2% after it revealed that it had in January rejected a takeover approach from outsourcing group Serco, on the basis that it had no strategic merit. Serco shares were up 0.6%.

AstraZeneca gained 0.4% a trial showing that its chronic lymphocytic leukaemia drug had significantly prolonged the time patients live without the disease.


Recruitment and training company Staffline slumped 44% after it said it would scrap its dividend and raise £37m from a share issue to cut debt, amid rising costs associated with an historical breach of UK wage rules.

Reabold Resources jumped 25.2% and Union Jack Oil jumped 18.3% after the pair reported that an appraisal well at the West Newton prospect in Humberside, UK had encountered a 65 meter oil interval.

Remote tracking technology company Starcom gained 3.4% on announcing that it was on track to grow it annual revenue and earnings in line with its expectations. Story provided by
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