London Markets: U.K. stocks flirt with 4-month high as Burberry, Micro Focus rally [MarketWatch]
Micro Focus Intl PLC ADS each representing One Ord Sh (MFGP)
US:NYSE Investor Relations:
investors.microfocus.com
Company Research
Source: MarketWatch
U.K. stocks flirt with 4-month high as Burberry, Micro Focus rally U.K. stocks moved higher on Wednesday, heading for a four-month closing high as shares of Micro Focus International and Burberry climbed after well-received earnings reports. The beaten-down pound, which has still struggled to rebound, also helped lift the London benchmark. The FTSE 100 index UKX, +0.06% rose 0.2% to 7,738.62, on track for its highest close since Jan. 16, according to FactSet data. The pound GBPUSD, -0.2073% traded at $1.3505, unchanged from late Tuesday in New York. Sterling is now down almost 6% against the dollar over the past month. A weaker pound tends to boost the FTSE 100 as the index’s components make the bulk of their earnings overseas, with a softening sterling lifting revenues when converted back into the U.K. currency. In the absence of any major macroeconomic data releases traders instead looked to the latest corporate news. Shares of Micro Focus International PLC MCRO, +8.98% jum
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