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UK shares and pound hold steady Shares lifted by strong US jobs figures
(about 3 hours later)
A rebound in property shares helped to bolster the UK stock market, while the pound edged higher. (Close): UK shares rose as stronger-than-expected US jobs figures helped to lift financial markets.
Property shares - which have fallen sharply since the UK's vote to leave the EU - recovered some ground after Swiss bank UBS said the sell-off in the sector was "overdone". The US economy created 287,000 jobs in June, rebounding strongly from disappointing growth in May.
Taylor Wimpey shares rose 7.8% while Barratt Developments added 5.1%. London's FTSE 100 closed 56.85 points, or 0.9% higher, at 6,590.64, while US stocks opened higher with the Dow Jones also up 0.8%.
By midday, the FTSE 100 was down 3.83 points at 6,529.96, while the FTSE 250 rose 184.76 points to 16,033.15. In London, property shares were doing well after Swiss bank UBS said the sell-off in the sector was "overdone".
The more UK-focused FTSE 250 was helped particularly by housebuilders, with Bovis Homes up 10% and Bellway 8% higher. Shares in property-related firms fell sharply after the UK voted to leave the EU, and the sector was hit again earlier this week as a succession of fund managers suspended trading in their property funds.
Shares in the sector had been hit earlier this week after a succession of fund managers suspended trading in their property funds. However, on Friday, shares in Taylor Wimpey shares rose 7.7% while Barratt Developments added 6.9%. In the FTSE 250, Bovis Homes was up 12% and Bellway was 9% higher.
US jobs focus Overall, the more UK-focused FTSE 250 was up 278.9 points, or 1.8%, at 17,781.42.
On the currency markets, the pound rose 0.5% against the dollar to $1.2981 and was also 0.5% higher against the euro at €1.1732. On the currency markets, the pound rose 0.4% against the dollar to $1.2958 and was 0.6% higher against the euro at €1.1736.
The pound touched a 31-year low against the dollar earlier this week, and has remained under pressure following the UK's vote to leave the EU.The pound touched a 31-year low against the dollar earlier this week, and has remained under pressure following the UK's vote to leave the EU.
Reality Check - Is pound weakness due to market errors?
Investors will be focusing on the US later when the latest set of jobs data for the world's largest economy is released. The previous figures showed only 38,000 new jobs were added in May - much lower than expected.
"It looks like the pound has found its level for now but could pitch lower on more weak data or fresh worries about the UK economy. All the bad news is priced in - for now," said Andrew Edwards of ETX Capital."It looks like the pound has found its level for now but could pitch lower on more weak data or fresh worries about the UK economy. All the bad news is priced in - for now," said Andrew Edwards of ETX Capital.
"Last month's [US jobs] numbers were pretty woeful and markets are eyeing a big improvement this time. Analysts anticipate hiring to hit 175,000-180,000 in June. "
However, Mr Edwards added that the chances of a US rate rise this year appeared slim.
"Markets see no chance of a rate rise until December at the very earliest and a strong jobs report is not going to change this much - although it will be important to confirm whether the US labour market simply hit a speed bump in May, or is slowing down longer term."