London Markets: British pound climbs while FTSE 100 registers moderate gains after Brexit deal

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Associated Press

European Commission President Jean-Claude Juncker, center, speaks with British Prime Minister Boris Johnson.

The British pound surged on Thursday while U.K equities registered moderate gains in the wake of an agreed deal between negotiators for Britain to leave the European Union.

Details were still emerging as U.K. Prime Minister Boris Johnson and other European leaders announced the pact. The pound GBPUSD, +0.1949%  rose as high as $1.2987 before retreating to the high $1.28 level.

The pact still needs the approval of the U.K. Parliament, where the Northern Irish DUP still has not agreed to backing the deal. A vote in Parliament is scheduled for Saturday, Johnson said.

Gains for U.K.-listed stocks were more tempered, perhaps reflecting the short covering that already happened last week.

U.K. banks Barclays BARC, +1.44%  , the Royal Bank of Scotland RBS, +1.61%  and Lloyds Banking Group LLOY, +1.36%  each rose, but registered gains of less than 2%.

The FTSE 100 UKX, +0.53%  gained 0.61% to 7212.01