FTSE 100 Rebounds On Weak Pound

(RTTNews) - U.K. shares rebounded on Friday as the pound weakened after Spain threatened to veto the Brexit withdrawal agreement if no changes are made over Gibraltar.

EU negotiators will meet today to try to clear the last hurdle before Sunday's summit expected to approve the deal.

The benchmark FTSE 100 was up 19 points or 0.28 percent at 6,980 in opening deals after declining 1.3 percent on Thursday.

Brick maker Ibstock jumped more than 10 percent. The company sold its U.S. brick manufacturing business Glen-Gery and said it remains on track to deliver its annual earnings target.

Flybe Group soared 31 percent after reports that Virgin Atlantic Airways is in talks to acquire the regional airline.

Shares of Seeing Machines slumped 5.6 percent. The computer vision technology company announced that James Palmer, Chief Financial Officer, is to step down from his position for personal reasons.

GlaxoSmithKline was little changed after announcing a strategic collaboration with Kyowa Hakko Kirin Co., Ltd., for the future commercialization of daprodustat in Japan.

Mining giant BP was gaining half a percent after starting production at the Clair Ridge oil field in the U.K. North Sea.

Property developer Derwent London was up 0.3 percent after announcing changes to its board.