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FTSE 100 steadies after Tuesday's sell-off FTSE 100 rebounds as mining shares rise
(about 4 hours later)
(Open): The FTSE 100 opened higher, recovering some of the ground lost on Tuesday when the index fell sharply on worries over a possible Brexit. (Noon): The FTSE 100 recovered some of the ground lost in Tuesday's sell-off as shares in mining companies rose.
The UK's benchmark share index rose 51.01 points, or 0.9%, to 5,974.54. Shortly before midday, the The FTSE 100 was up 50.24 points at 5,973.77.
The pound also steadied. Sterling rose 0.4% against the dollar to $1.4175 and climbed 0.3% against the euro to €1.2636. The benchmark share index fell below 6,000 on Tuesday for the first time since February on worries over rising support for the UK leaving the EU.
Berkeley Group was the biggest faller on the FTSE, down 2.4%, after the housebuilder's latest results. The pound also steadied on Wednesday. Sterling rose 0.6% against the dollar to $1.4198 and climbed 0.4% against the euro to €1.2647.
The company reported a 9% fall in full-year profits to £530.9m and also said new home reservations were down 20% ahead of the EU referendum. All eyes will be on the US Federal Reserve later as it announces the outcome of its latest policy meeting.
In the FTSE 250, shares in Jimmy Choo jumped 15% after the luxury shoemaker issued an upbeat trading update. The US central bank is not expected to announce a rise in interest rates, but its statement will be examined closely for clues as to the timing of a rise later this year.
In London, mining shares helped to drive the increase in the FTSE 100 as the price of aluminium and copper rose. Glencore shares climbed 5.1% and Anglo American rose 4.8%.
But shares in housebuilder Berkeley Group fell 1.6% after it said new home reservations were down 20% ahead of the EU referendum.
The company also reported a 9% fall in full-year profits to £530.9m.
In the FTSE 250, shares in Jimmy Choo jumped 14% after the luxury shoemaker issued an upbeat trading update.
The company said it had made a good start to the year and was trading in line with its expectations.The company said it had made a good start to the year and was trading in line with its expectations.