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UK shares slip but pound holds steady FTSE 100 and pound steady as markets pause for breath
(about 2 hours later)
The FTSE 100 slipped as investors digested a number of trading updates, while the pound held above $1.32. The FTSE 100 held steady as investors digested a number of trading updates, while the pound remained above $1.32.
In early trade the FTSE 100 was down 16.84 points at 6,663.85, with property shares giving up some of the gains from the past couple of days. By mid-morning, the FTSE 100 was barely changed at 6,681.56, while the FTSE 250 fell 58.94 points to 16,748.13.
Barratt Developments dropped 2.5% after the housebuilder said it might slow its rate of house construction, given the expected post-Brexit slowdown. Property shares saw the biggest falls, reversing some of the gains seen over the past couple of days.
The news overshadowed an upbeat outlook for the company's profits this year. Barratt Developments dropped 4.3% after the housebuilder said it might slow its rate of house construction, given the expected post-Brexit slowdown.
Barratt said full-year pre-tax profits were expected to rise by about 20% to £680m. The news overshadowed Barratt's upbeat profit forecast, with full-year pre-tax profits expected to rise by about 20% to £680m.
On the currency markets, the pound clung on to the gains made over the past couple of days, edging up 0.15% against the dollar to $1.3268, and rising 0.3% against the euro to €1.2010. Other housebuilders also saw their shares fall, with Berkeley Group down 3.4% and Persimmon 2.3% lower.
The pound has been given a lift this week by the news that Theresa May is to become prime minister, removing the prospect of a prolonged leadership contest. There was better news for fashion group Burberry, which saw its shares rise 5% despite reporting a dip in underlying sales and flat retail revenues.
However, sterling still remains well below the level of $1.50 it hit shortly before the result of the referendum became clear. On the currency markets, the pound clung on to the gains made over the past couple of days, edging up 0.05% against the dollar to $1.3254, and rising 0.3% against the euro to €1.1991.
The pound has been given a lift this week by the news that Theresa May is to become prime minister, removing the prospect of a prolonged leadership contest in the Conservative party.
However, sterling still remains well below the level of $1.50 that it hit shortly before the result of the referendum became clear.