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FTSE 100 and pound edge higher | |
(about 2 hours later) | |
UK shares edged higher as investors digested a number of trading updates, while the pound rose to about $1.33. | |
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. | |
Shares in Burberry rose 6.7% despite the fashion group reporting a dip in underlying sales and flat retail revenues. | |
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 2.9%. | |
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 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. |