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FTSE 100 and pound edge lower | |
(about 4 hours later) | |
UK shares edged lower as investors digested various trading updates, while the pound fell back to below $1.32. | |
By the close, the FTSE 100 was down 10.29 points at 6,670.40 while the FTSE 250 fell 56.05 points to 16,751.02. | |
Shares in Burberry rose 6.3% 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. | However, property shares reversed some of the gains the sector has seen over the past couple of days. |
Barratt Developments dropped 2.1% 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 2.7%. | |
Shares in Poundland jumped more than 12.5% 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. | 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 $1.3197. Sterling fell 0.8% against the euro to €1.1878. | |
Earlier in the week, the pound enjoyed a lift after the news that Theresa May is to become prime minister, removing the prospect of a prolonged leadership contest in the Conservative party. | |
But even then, sterling still remained well below the level of $1.50 that it hit shortly before the result of the referendum became clear. |