Home Market FTSE 100 ends day higher after Carney Brexit comments weigh on pound

FTSE 100 ends day higher after Carney Brexit comments weigh on pound


The FTSE 100 ended the day higher today, climbing more than one per cent to 7,659.10.

The index was stronger on the back of a weakened pound, following Mark Carney's comments this morning. He warned that the odds of a Brexit no deal are now "uncomfortably high", at one point pushing the pound below $1.30.

There were also some positive company updates driving today's rise, with packaging firm Mondi leading the market. The company's profits rose in the first half, with the shift away from plastics giving it an opportunity to invest in alternatives. Shares were up almost eight per cent at the close

On the wider market, it was also a good day for Pets at Home, which posted a strong set of first quarter results thanks to its new lower pricing strategy.

Meanwhile US stocks were less certain, after new data showed slower rates of jobs growth and expansion of the service sector.

Joshua Mahoney, market analyst at IG, said the latest figures indicated that investors should be keeping an eye on other indicators.

"With US unemployment at historical lows, it makes sense to lower our expectations of a circa 200,000 payrolls numbers, and instead look towards growth in wages as the core driver of Fed action," he said. "Todays numbers may have come in on the low side, but there is little chance we will see the Fed change its course over the near-term, with markets pricing in a 100 per cent chance of a rate rise next month."

Read more: UK services PMI slides in July following 'disappointing' business growth


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