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02 Jul 2019 | 16:42

FTSE closes at nine-month high

The FTSE 100 has hit a nine-month high after closing 0.8% higher at 7,559.19, benefiting from sterling weakness.

Sterling has dropped to a six-month low against the dollar following damning figures in the construction sector, with activity levels at their lowest in a decade.

The pound has also been hit by a warning from Bank of England governor Mark Carney that rising protectionism could 'shipwreck' the global economy.


Small business loans platform Funding Circle sank 28.3% to 117p after it downgraded its revenue guidance, blaming an uncertain economic outlook hurting demand for loans.

Broking house Plus500 gained 5.1% to 567p on announcing that its revenue had improved substantially in the second quarter compared to the first.

Ryanair ascended 3.1% to €10.42 after the budget carrier announced that it had flown 13% more passengers in June compared to the same month a year earlier.

Eastern European-focused rival Wizz Air gained 3.7% to £35.10 as it flew 19% more passengers in June, as it added news routes to Poland, Austria and Georgia.

Recently-listed travel ticket issuer Trainline is up 0.4% at 427p despite reporting that it sold 20% more tickets in the first quarter of its financial year, underpinned by growth both at home and abroad.

Power utility National Grid gained 3% to 864p after it submitted a draft business plan to UK national regulator Ofgem.

Sirius Minerals fell 0.1% to 15p despite the company saying that it remained on track to achieve first polyhalite in 2021 from its flagship fertilizer project in Yorkshire.

Healthcare property investor Assura dropped 0.3% to 64p after it reiterated its outlook as it continued to expand its immediate pipeline of developments and acquisitions.


Scotland-focused housebuilder Springfield Properties gained 3.2% to 112p as it revealed that the solid growth it had reported in the first half had extended into the second, while cost control had helped improve margins.

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