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FTSE 100 and pound steady as markets pause for breath FTSE 100 and pound edge higher
(about 2 hours later)
The FTSE 100 held steady as investors digested a number of trading updates, while the pound remained above $1.32. UK shares edged higher as investors digested a number of trading updates, while the pound rose to about $1.33.
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. By midday, the FTSE 100 was up 10.08 points at 6,690.77, while the FTSE 250 rose 21.41 points to 16,828.48.
Property shares saw the biggest falls, reversing some of the gains seen over the past couple of days. Shares in Burberry rose 6.7% despite the fashion group reporting a dip in underlying sales and flat retail revenues.
Barratt Developments dropped 4.3% after the housebuilder said it might slow its rate of house construction, given the expected post-Brexit slowdown. However, property shares reversed some of the gains the sector has seen over the past couple of days.
Barratt Developments dropped 1.7% after the housebuilder said it might slow its rate of house construction, given the expected post-Brexit slowdown.
The news overshadowed Barratt's upbeat profit forecast, with full-year pre-tax profits 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.
Other housebuilders also saw their shares fall, with Berkeley Group down 3.4% and Persimmon 2.3% lower. Other housebuilders also saw their shares fall, with Berkeley Group down 2.9%.
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. Shares in Poundland jumped 12% to 220p a share after the discount retailer agreed to be bought by South Africa's Steinhoff International.
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. On the currency markets, the pound continued to add to the gains made over the past couple of days.
Against the dollar, the pound rose to $1.3340 at one point before slipping back to $1.3293. Sterling rose 0.2% against the euro to €1.1998.
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.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.However, sterling still remains well below the level of $1.50 that it hit shortly before the result of the referendum became clear.