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Persimmon boosts FTSE 100 as profits rise Pound jumps on UK inflation data
(about 3 hours later)
(Open): Shares in Persimmon helped to lift the FTSE 100 after the housebuilder reported a big rise in half-year profits. The pound jumped after the UK inflation rate rose to 0.1% in July, which was above forecasts.
Persimmon said it had "traded well" in the first half of 2015, with pre-tax profits up 31% to £272.8m. The figure raised expectations that the Bank of England will start to raise interest rates before too long.
Its shares rose 1.1% in early trade, with the FTSE 100 index climbing 5.17 points to 6,555.47. The pound jumped more than a cent against the dollar to $1.5704 and was up more than one euro cent against the euro at €1.4202.
Shares in mining companies fell as copper prices slid towards six-year lows. However, the FTSE 100 fell 23.51 points to 6,526.79, with mining shares hit by further falls in commodity prices.
BHP Billiton shares fell 1.3% while Anglo American dropped 1.1%. Antofagasta and BHP Billiton were the biggest fallers on the index, both dropping by 1.9%.
In the FTSE 250, shares in William Hill rose 2.6% to 386p after broker Numis raised its rating on the stock to "buy" from "hold". Further falls in the oil price hit the major oil companies, with Royal Dutch Shell down 1.5% and BP 1.2% lower.
Ahead of the latest UK inflation figures, the pound was down 0.12% against the dollar at $1.5568 and had edged 0.07% lower against the euro to €1.4060. Shares in Persimmon experienced mixed fortunes after the housebuilder reported a big rise in half-year profits.
The company said it had "traded well" in the first half of 2015, with pre-tax profits up 31% to £272.8m.
Its shares rose at first, but then headed lower and were down 1.4% by midday
In the FTSE 250, shares in William Hill rose 1.7% after broker Numis raised its rating on the stock to "buy" from "hold".