AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

London's FTSE 100 bounced back on Friday as positive updates on trade talks between the United States and China and expectations of a dovish stance by U.S. Federal Reserve Chairman in his speech helped investors return to risk-taking.

The FTSE 100 added 0.7% by 0811 GMT. The mid-cap FTSE 250 outperformed with a 1% rise, helped by a near 30% surge in Peppa Pig owner Entertainment One after it agreed to be bought by U.S. toy maker Hasbro.

Entertainment One shares hit a life high at 579 pence after a 560 pence a share deal with Hasbro. News of the deal lifted shares in broadcaster ITV by 4% to the top of the FTSE 100.

In the previous session, UK markets fell sharply as the Fed's latest minutes showed a deeply divided view on future monetary policy and a rally in the pound hit blue-chip exporter stocks.

Fed chief Jerome Powell's speech at 1400 GMT at the Jackson Hole Symposium is expected to provide a clearer picture on future rate cuts.

Traders took heart from a comment by White House economic adviser Larry Kudlow that the Trump administration is still planning for a round of in-person talks between U.S. and Chinese officials in September.

Fears of how the bruising U.S.-China trade dispute would affect the global economy and worries of an impending recession have put the main index on track for its worst month in four years.

"There has been so much made about Powell's appearance today that he's going to have to put on the performance of a lifetime just to avoid disappointing the crowd," said Craig Erlam, senior market analyst at Oanda.

Analysts at London Capital Group also played down expectations, saying Powell may probably not be in a position to give the markets what they want.

Meanwhile, sterling retreated from a three-week high after dealers took stock of Prime Minister Boris Johnson's meetings with German Chancellor Angela Merkel and French President Emmanuel Macron and their implications on Brexit.

As a result, companies that book a major chunk of their earnings in dollars, such as Diageo and Unilever , advanced.

Mid-cap Woodford Patient Capital Trust hit an all-time low after it said its total net asset value would be hit by a move by Link Fund to lower the value of the company's stake in IH Holdings. Woodford shares were last down 5.6%.

Copyright Reuters, 2019
 

Comments

Comments are closed.