Softer pound, positive earnings lift FTSE 100 By Reuters

(Reuters) – London’s FTSE 100 inched higher on Tuesday, as a weaker pound boosted shares of exporters and a set of positive earnings updates helped lift confidence in the economy’s recovery.

The blue-chip FTSE 100 index rose 0.4%, with healthcare, financials and consumer staples stocks among the top boost.

A softer pound lifted shares of large, dollar-earning companies such as AstraZeneca (NASDAQ:AZN) Plc and British American Tobacco (LON:BATS).

Oil heavyweights BP (LON:BP) Plc and Royal Dutch Shell (LON:RDSa) fell, tracking lower oil prices. [O/R]

The Bank of England governor said economic growth in the United Kingdom would fall by 4% in the first quarter from the same period last year and by 19% compared to the first three months of 2019.

The domestically focused FTSE 250 index rose 0.4%, led by consumer discretionary stocks.

Specialist pension provider Just Group Plc rose 2.7%, as it reported an 11% rise in annual earnings and flagged progress in shoring up its capital base.

Student housing provider Unite gained 2.2%, after it forecast a return to full occupancy and rental growth for the upcoming academic year saying students were keen to go back to campus life, and reinstated dividend for the pandemic-hit 2020.