FTSE LIVE: JD Sports races ahead; Bovis mulls housing merger; Pound holds above $1.23

At the open: The pound

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


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