FTSE 100 Rises As Pound Slides

(RTTNews) – U.K. shares rose notably on Thursday as investors cheered signs of progress in new U.S. fiscal stimulus and the pound dropped against the euro and the dollar amid reports the EU was poised to take legal action against the U.K. over its behavior in Brexit negotiations.

Meanwhile, the seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) has dipped to 54.1 in September from August’s two-and-a-half year high of 55.2.

The benchmark FTSE 100 climbed 54 points, or 0.9 percent, to 5,920 after falling around half a percent on Wednesday.

Vodafone Group Plc shares were marginally lower. The telecommunications company has announced the appointment of Colman Deegan as new CEO of Vodafone Spain, effective November 1.

Rolls-Royce Holdings plunged almost 9 percent. The struggling aircraft engine maker announced plans to raise 2 billion pounds by selling shares to existing investors.

Travis Perkins rose about 2 percent. The distributor of building materials said that Stuart Chambers wishes to step down in the coming months as non-executive Chairman of the company.

Home improvement retailer Kingfisher gained 0.8 percent after the company said it has completed the sale of Castorama Russia to Maxidom for a total consideration of about 7.4 billion Russian Ruble or about 73 million pounds.

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