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Jan. 30, 2019, 8:28 a.m. EST

London stocks climb along with sterling after Brexit vote

U.S. earnings cheer feeds through to London

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By Emily Horton


AP
In this grab taken from video, Britain's Prime Minister Theresa May speaks during Prime Minister's Questions in the House of Commons, London, Wednesday, Jan. 30, 2019.

London markets were up on Wednesday, helped by a weaker pound after Tuesday night’s vote by British lawmakers to reject a no-deal Brexit, but back an attempt to recraft an exit deal

Almost every sector was in the black, led by heavyweight energy and mining stocks.

How did markets perform?

The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +1.15% surged 1.7% to 6,950.71, helped by a dip in the pound on Tuesday night.

Meanwhile, the pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.3203% regained some lost ground, fetching $1.3092, from $1.3067 late Tuesday. The pound fell Tuesday evening after U.K. parliament voted down Brexit amendments. Read the latest Currencies report.

What drove the markets?

British Prime Minister Theresa May now has two weeks to persuade European Union chiefs to rethink the Brexit deal they struck last year, after a majority of U.K. politicians called for the agreement’s most contentious aspects, namely the Irish backstop, to be renegotiated.

In the U.S., the Federal Open Market Committee meeting will conclude on Wednesday. Although the Fed is expected to leave its short-term interest rate unchanged, the nuances of a press conference by Chairman Jerome Powell will be monitored closely by investors.

Trade talks are also set to begin again between Chinese and U.S. officials in Washington on Wednesday. Earnings optimism was setting up for a strong rally on Wall Street, led by gains for Apple Inc. /zigman2/quotes/202934861/composite AAPL +1.98%  and Boeing Co. /zigman2/quotes/208579720/composite BA +2.62%  after well-received earnings reports. That optimism also fed over to London and European markets.

What shares were active?

Heavyweight miner were up, with Rio Tinto PLC /zigman2/quotes/208934945/delayed UK:RIO -2.68% and BHP PLC /zigman2/quotes/203323256/delayed UK:BHP -1.29% gaining over 2% and Glencore PLC /zigman2/quotes/201400686/delayed UK:GLEN +0.06%  adding 3.7%. Fresnillo PLC /zigman2/quotes/201300065/delayed UK:FRES +1.86% was up by 1.6%. Glencore PLC /zigman2/quotes/201400686/delayed UK:GLEN +0.06%  added just under 3%.

Among oil companies, Royal Dutch Shell PLC /zigman2/quotes/205095589/composite RDS.A +3.40%   /zigman2/quotes/206428183/delayed UK:RDSA +2.65%  rose 2.4% and BP PLC /zigman2/quotes/207305210/composite BP +2.94%    gained 1.7% as oil prices rose.

Car dealer Auto Trader Group PLC /zigman2/quotes/208097104/delayed UK:AUTO +0.99%  was among the few decliners, dipping over 2%.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,043.61
+80.28 +1.15%
Volume: 0.00
May 14, 2021 4:52p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.4096
+0.0045 +0.3203%
Volume: 0.0000
May 14, 2021 4:59p
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 127.45
+2.48 +1.98%
Volume: 81.92M
May 14, 2021 4:00p
P/E Ratio
28.60
Dividend Yield
0.69%
Market Cap
$2085.45 billion
Rev. per Employee
$1.86M
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/zigman2/quotes/208579720/composite
US : U.S.: NYSE
$ 228.47
+5.83 +2.62%
Volume: 10.16M
May 14, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$130.20 billion
Rev. per Employee
$412,489
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
6,135.00 p
-169.00 -2.68%
Volume: 2.67M
May 14, 2021 4:35p
P/E Ratio
13.19
Dividend Yield
6.66%
Market Cap
£104.70 billion
Rev. per Employee
£732,787
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/zigman2/quotes/203323256/delayed
UK : U.K.: London
2,222.50 p
-29.00 -1.29%
Volume: 4.30M
May 14, 2021 4:35p
P/E Ratio
20.78
Dividend Yield
5.18%
Market Cap
£129.18 billion
Rev. per Employee
N/A
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/zigman2/quotes/201400686/delayed
UK : U.K.: London
324.60 p
+0.20 +0.06%
Volume: 23.30M
May 14, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
2.63%
Market Cap
£43.22 billion
Rev. per Employee
£765,499
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/zigman2/quotes/201300065/delayed
UK : U.K.: London
885.20 p
+16.20 +1.86%
Volume: 1.01M
May 14, 2021 4:35p
P/E Ratio
22.62
Dividend Yield
2.07%
Market Cap
£6.40 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201400686/delayed
UK : U.K.: London
324.60 p
+0.20 +0.06%
Volume: 23.30M
May 14, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
2.63%
Market Cap
£43.22 billion
Rev. per Employee
£765,499
loading...
/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 40.40
+1.33 +3.40%
Volume: 5.99M
May 14, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
2.80%
Market Cap
$148.24 billion
Rev. per Employee
$1.97M
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/zigman2/quotes/206428183/delayed
UK : U.K.: London
£ 1,419.00
+36.60 +2.65%
Volume: 5.57M
May 14, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.03%
Market Cap
£105.54 billion
Rev. per Employee
£1.52M
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/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 26.65
+0.76 +2.94%
Volume: 15.70M
May 14, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
4.65%
Market Cap
$87.19 billion
Rev. per Employee
$2.86M
loading...
/zigman2/quotes/208097104/delayed
UK : U.K.: London
551.80 p
+5.40 +0.99%
Volume: 922,603
May 14, 2021 4:35p
P/E Ratio
33.36
Dividend Yield
0.00%
Market Cap
£5.28 billion
Rev. per Employee
£432,474
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