Britain's FTSE Inches Up After Brexit Minister Resigns

Britain's FTSE Inches Up After Brexit Minister Resigns

By Danilo Masoni

MILAN, July 9 (Reuters) - The UK's top share index inched higher on Monday after the resignation of Brexit minister David Davis had little immediate effect on Prime Minister Theresa May's hold on power, fuelling talk that a soft Brexit was more likely.

The FTSE was up 0.15 percent by 0841 GMT, joining a bounce in global equity markets, which continued to benefit from Friday's strong U.S. jobs report. The index was on track for its third straight day of gains.

Davis, who resigned to protest at May's strategy for leaving the European Union, said on Monday said he would not encourage his colleagues to try to oust May and did not want to see her replaced .

"Investors believe she will keep hold of the reins", London Capital Group analyst Jasper Lawler said.

Analyst said Davis's resignation should make it easier for May to implement a softer Brexit, under which Britain retains a close trading relationship with the EU, although caution over possible new challenges to her leadership remained.

Top gainer on the FTSE on Monday was Just Eat, up 2.3 percent after RBC upgraded the stock to top pick.

"Amidst an increasingly competitive landscape, we believe Just Eat is well positioned owing to its market leading positions and strong customer loyalty," they said in a note.

Materials stocks provided the biggest boost to the FTSE with mining company BHP up 1.9 percent after Reuters reported that BP was set to buy its U.S. onshore shale oil and gas assets after on offer worth more than $10 billion. BP fell 0.9 percent.

Other mining stocks also rose as copper prices rebounded from one-year lows.

Mid-caps precious metal miner Centamin, however, fell 6.6 percent after second-quarter gol price gold price gold price per ounce gold price per gram gold price today gold price history gold price chart gold price in india gold price in usa gold price per pound gold price forecast gold price news gold price in india today gold price kitco gold price now gold price live gold price chart history gold price today in usa gold price per gram in usa gold price in chennai gold price in dubai gold price 2018 volkswagen gol price brasil price of gol d gold price today per ounce gold price calculator gold price monex gold price india gold price in pakistan gold prices today gold prices today per ounce gold prices history chart gold prices news gold price usa gold prices monex gold price trend gold price uae gold price in uae gold price per oz price gold price gold per ounce price gold per gram price gold today price golden corral price gold ounce price golf course price gold chart price golf cart price golfer price gold silver price golden retriever price golf clubs price gold per ounce today price gold bar price gold coins price gold per pound price golf cart batteries price gold 14k price golem price gold 18k price gold and silver today price gold history price gold now price gold per lb price gold in usa price gold per gram today price gold bullion price gold troy ounce price gold krugerrand price gold ingot price gold monex price gold gram price gold india price golf carts price goldsmith price goldendoodle price gold 1 g price gold silver today price gold oz price gold kg price gold cnn production fell, disappointing investor expectations.

Jefferies said Centamin will need a significant pick-up in the second half to hit the mid point of its full-year gold production guidance.

Inmarsat rose 2.4 percent, shrugging off news that U.S. satellite group EchoStar does not intend to make an offer for the British peer, which had rejected its $3.2 billion takeover approach.

Traders cited hopes for another suitor and possible short covering. (Reporting by Danilo Masoni, editing by Larry King)


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