FTSE 100 watch: Footsie up as investors shrug off Italian referendum

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The UK benchmark index has gained ground in today’s session, despite political uncertainty in Europe following Italy’s referendum which prompted the country’s Prime Minister to resign. In individual movers, Burberry (LON:BRBY) is outperforming the broader London market amid reports that it rejected an US suitor.

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As of 12:43 GMT, the FTSE 100 index had added 14.64 points to stand 0.22 percent higher at 6,745.38. Sentiment has been upbeat today, with investors ignoring the results from Italy’s constitutional referendum which prompted the country’s Prime Minister to resign, fuelling concerns about local lenders.

“Despite a ‘No’ referendum vote in Italy, markets hold up rather well. UK banks have seen some buying interest on expectations the sector may have seen the worst, while miners are boosted by higher metals prices and Citi’s bullish outlook on the sector,” Jawaid Afsar, senior trader at Securequity, told Reuters. “We are in a Santa Rally mode. There may be some headwinds out there, but for the time being they are on the back burner.”

Antofagasta (LON:ANTO) is leading other London-listed miners higher, having added 2.16 percent to 708.50p, while Barclays (LON:BARC) is the banking sector’s top riser, having gained 1.13 percent to 215.35p.

In individual Footsie risers, Burberry’s share price has surged 1.63 percent to 1,435.00p, as the Financial Times reported that the luxury goods retailer had rejected multiple takeovers from US handbag maker Coach.

At the other end of the spectrum have been Randgold Resources (LON:RRS) and Fresnillo (LON:FRES), whose shares have tracked the gold price lower. Randgold’ share price is 3.35 percent worse off at 5,630.00p, while shares in Fresnillo are changing hands 3.67 percent in the red at 1,154.00p.

The FTSE 100 index was 0.28 percent up at 6,749.88 points as of 12:57 GMT on Monday, December 5, 2016.

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