FTSE 100 watch: Uptrend continues as Brexit worries pressure pound

The UK benchmark index has gained ground, continuing its recent uptrend, finding support in the pullback in sterling prompted by concerns that the UK might face a ‘hard Brexit’. Supermarkets meanwhile have been in demand following upbeat industry data and results by Wm Morrison Supermarkets (LON:MRW) which this morning posted its best sales performance in seven years.

As of 12:10 GMT, the Footsie had gained 30.66 points to stand 0.42 percent higher at 7,268.43, continuing to find support in a weaker pound after Prime Minister Theresa May hinted at no membership of the EU’s single market.

“Given the lack of economic news it is no surprise that Monday’s Brexity trading has leaked into Tuesday, with a weak pound continuing to fuel a high-hitting FTSE,” Connor Campbell at Spreadex said in an afternoon note, adding that “at yet another fresh peak of 7260 the FTSE is on track to close at an all-time high for a record-breaking 9th session in a row”.

The Footsie has also received a lift from retailers after Kantar Worldpanel reported that the latest grocery market shares figures for the 12 weeks ending January 1 had shown the fastest recorded growth since June 2014 amid additional consumer spend of almost half a billion pounds increasing total supermarket sales by 1.8 percent. Tesco (LON:TSCO) has gained 4.40 percent to 209.80p so far today, while Morrisons’ shares are 3.83 percent up at 246.50p, finding further support in the grocer’s upbeat Christmas update.

Financials meanwhile have been subdued, pressured by fresh concerns over Italy’s banking system. Royal Bank of Scotland Group (LON:RBS) is leading other London-listed lenders lower, having shed 0.84 percent to 225.50p so far in today’s session.

The FTSE 100 index was 0.45 percent up at 7,269.98 points as of 12:28 GMT on Tuesday, 10 January 2017.

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