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FTSE builds on early gains to rise almost 2% | |
(about 3 hours later) | |
(Noon): London's leading shares built on early gains to stand almost 2% higher in midday trading. | |
The benchmark FTSE 100 index was up 1.84%, or 111.76 points at 6,186.28. | |
Whitbread shares extended early losses to lose 3.4% after it said it would have to cut costs and raise prices to pay its staff the new government recommended Living Wage. | |
Housebuilders Redrow shares rose 3%. Profits rose 53% helped by government's Help to Buy subsidy for some buyers. | |
Shareholders in fellow builder Berkeley were also in the money after its shares climbed 2% on news it was on track to meet its profit targets. | |
United Utilities were among the best risers in the top 100, up by 3.4% after another broker upgrade. | |
Outside the top 100, Punch Taverns' shares were up 3.2% after it said it would sell its 50% stake in its UK-based drinks wholesaler for £100.7m. | |
On the currency markets, the pound rose 0.67% against the dollar to $1.5376 and also gained 0.79% against the euro to €1.3785. |