(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
* GBP/USD trades above 1.41 for first time since Feb 25
* Greggs jumps on raising profit outlook after trading recovers
* Provident falls on potential costs related to unit exit
* FTSE 100 down 0.1%, FTSE 250 down 0.3% (Updates to market close)
By Shivani Kumaresan and Devik Jain
May 10 (Reuters) - London's FTSE 100 dipped on Monday as weakness in industrial stocks and a stronger pound following the outcome of the Scottish election outweighed gains in miners.
The exporter-heavy index .FTSE dipped 0.1%, with large dollar-earning consumer staples companies, including Diageo DGE.L , British American Tobacco (JO: SNHJ ) BATS.L and Relx Plc REL.L slipping between 0.7% and 2.3% as the pound strengthened.
The pound climbed to as high as $1.4158, its strongest in more than two months. GBP=
Miners, including Glencore GLEN.L , BHP Group (JO: BHPJ ) BHPB.L and Rio Tinto RIO.L , provided the biggest boost as copper prices touched record highs on expectations of improved demand amid tightening supply. MET/L
"Despite the fact that the stocks have performed well, they are going to struggle if the yields start rising again. The market will be under the whim of currency and the bond market," Keith Temperton, equity sales trader at Forte Securities, said.
He added British investors would focus on Tuesday's Queen's Speech when the government lays out its priorities.
British Prime Minister Boris Johnson on Monday set out the next phase of lockdown-easing in England, giving the green light to "cautious hugging" and allowing pubs to serve customers pints inside after months of strict measures. has allowed international travel to resume from May 17, but just 12 countries and territories made the "green list", meaning they don't require quaratine. Holdings RYA.L , British Airways-owner IAG ICAG.L , Wizz Air WIZZ.L and easyJet EZJ.L fell between 1.2% and 2.5%.
The domestically-focussed mid-cap FTSE 250 index .FTMC was down 0.3%. Bakery and fast food chain Greggs GRG.L surged 10.5% to the top of the index after raising its profit outlook. Provident Financial PFG.L slipped 2.5% after the sub-prime lender said it expected costs of up to 100 million pounds ($140.61 million) related to the closure of its doorstep-lending division.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.