U.K. Shares Edge Lower On The Back of Strengthening British Pound
Mar, 23rd 13:33
U.K. shares continued to remain weak, stretching their downward rally to a fourth session in a row. Equities in London were weighed by a strengthening in the Sterling following upbeat retail sales.
The benchmark FTSE 100 dropped nearly 0.2% to trade as low as 7310.00 with the weakness coming as the pound advanced more than 0.23% to reach an intraday high of $1.2528. U.K. retail sales for February were reported to surge by 3.7 per cent in February, compared to the same month last year and by 1.4% since January, easily beating forecasts of 0.4%.
A stronger pound has a tendency to depress many FTSE 100 companies that make the bulk of their revenue overseas and then transfer their profit back to the U.K.
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