FTSE 100 climbs as Sunak outlines post-Brexit financial services roadmap

London’s FTSE 100 surged this afternoon as investors digested the Chancellor’s post-Brexit roadmap for the UK’s financial service industry.

The capital’s premier index climbed 1.25 per cent in afternoon trading to reach 7,125.

The rally came after Chancellor Rishi Sunak outlined plans to make the UK financial services industry more competitive on the global stage.

Investors also shrugged off news that the UK and EU have still failed to reach an equivalence agreement recognising rules governing financial services in their respective areas.

The mid-cap FTSE 250 was up 1.10 per cent, while AIM share rose 0.58 per cent in the afternoon session.

Winners and losers

The day’s biggest riser was retailer JD Sports – which has been one of the index’s best performers of late – climbing 5.18 per cent in the afternoon session.

Primark parent company Associated British Foods came second, rising 4.56 per cent, after the firm posted strong second quarter results. Food service business Compass Group came third, adding 3.75 per cent in the afternoon session.

London Stock Exchange Group was the day’s worst performer, sliding 1.43 per cent.

Value retailer B&M came second, shaving 0.84 per cent off its share price, while Burberry Group came third losing 0.53 per cent.

Read more: Brexit: UK and EU still no closer to financial services deal

Around the world

Across the pond, American shares opened up, with the blue-chip S&P 500 gaining 0.27 per cent during morning trading.

However, the tech-heavy NASDAQ Composite inched down 0.2 per cent.

London’s strong performance was extended to European shares, with the STOXX 600 adding 0.62 per cent on Thursday.

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