Markets up on Davis resignation

Markets up on Davis resignation

The FTSE 100 edged slightly further higher, up 31 points at 7,648 after Dominic Raab replaces David Davis who resigned last night, meaning the UK is likely to follow a softer approach to negotiations.

Brent crude was up 1.01pc at $77.89 on the back of increasing global demand and US efforts to close Iranian supply to the markets through sanctions.

Despite the rise in oil prices, oil major BP was down 0.5pc during the morning session after a technical fault meant customers were unable to pay by card on Sunday.

Sterling rose by as much as 0.5pc during the first session of the week at $1.3363 against the dollar after traders bet the resignation of the UK’s Brexit minister would improve focus on the UK Government’s newly announced plan.

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