The FTSE 100 has opened slightly higher on Tuesday morning after a suspected terrorist attack in Manchester late on Monday evening.
At least 22 people have died and over 50 injured following an explosion at an Ariana Grande concert at Manchester Arena. Police say one person set off an improvised explosive device at the arena. The unnamed person died at the scene.
The FTSE 100 has opened up 2.16 points, or 0.03%, on Tuesday morning. The pound is dipping slightly against the euro and dollar at the same time. The pound’s weakness against the dollar is supporting the FTSE 100. Many of the index’s constituents report their earnings in dollars, meaning a weak sterling makes their stock look cheap.
Mike van Dulken, head of research at Accendo Markets, says in an email: “This latest horror merely adds to a melting pot of UK frustration as the country deals with ugly election campaigning before a June 8 snap general election and what is sure to be even uglier Brexit negotiations that begin just weeks after.
“The UK FTSE is holding up for the moment thanks to fresh GBP weakness as the US Dollar finds support following its Trump-induced sell-off.”
Here’s how the FTSE 100 looks around five minutes after the open:
Elsewhere in Europe, markets have opened slightly lower on Tuesday morning: