July 3, 2019 / 7:24 AM / 17 days ago

FTSE 100 hits 10-month high on weaker sterling; Telford soars

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* FTSE 100 up 0.3%, FTSE 250 up 0.1%

* Internationally exposed stocks lead on main index

* Telford Homes gains after buyout offer

July 3 (Reuters) - Britain’s main index hit a 10-month high on Wednesday as comments from the Bank of England raised hopes of an interest rate cut and hurt the pound, while AIM-listed Telford Homes surged after a buyout offer.

The FTSE 100 rose 0.3%, boosted by shares of companies that book a major chunk of their revenue from overseas such as BAT and AstraZeneca. The FTSE 250 added 0.1% by 0708 GMT.

The pound struggled for traction after Bank of England Governor Mark Carney said on Tuesday that the global trade war and a ‘no-deal’ Brexit may warrant a near-term policy response, which markets interpreted as a dovish signal.

Supermarket group Sainsbury’s was the biggest blue-chip loser as it shed 2% after its underlying sales declined for a third consecutive quarter, hurt by weak clothing and general merchandise markets.

Telford Homes climbed 12.4% to 354 pence after U.S. real estate firm CBRE said it would buy the British residential property developer for 350 pence a share in cash. (Reporting by Shashwat Awasthi in Bengaluru; Editing by Saumyadeb Chakrabarty)

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