FTSE LIVE: JD Sports sales race ahead; Bovis and Galliford Try mull housing merger; Pound holds above $1.23 as PM loses second bid for snap election
- Bovis Homes has rekindled talks over a merger with Galliford Try’s housing arm
- JD Sports revealed a 10% jump in like-for-like store sales in the UK and Ireland
- The pound surged by around 0.7% against the dollar on Monday to $1.237
Builder Bovis Homes has rekindled talks over a merger with rival Galliford Try’s housing arm in a deal valuing the division at £1.08billion.
Bovis stressed there remains ‘significant work to be completed’ before a deal can be agreed. Galliford rejected a £905million approach in May.
Meanwhile, JD Sports is racing ahead on the high street. The sports clothing chain notched up a 10 per cent rise in UK and Ireland store sales in the past six months, ‘against a backdrop of widely-reported retail challenges in the UK’.
The pound is holding steady above $1.23 on Tuesday morning, after Prime Minister Boris Johnson lost his second bid for a snap general election last night. The vote was followed by the prorogation of Parliament until mid October.
At the open: The pound’s strength is weighing on the FTSE 100, which opened in the red again today at 7,223