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| Pound falls again while FTSE 100 nears record | Pound falls again while FTSE 100 nears record |
| (about 1 hour later) | |
| The pound continued to come under pressure in early morning trade, while the FTSE 100 share index headed towards a record high. | The pound continued to come under pressure in early morning trade, while the FTSE 100 share index headed towards a record high. |
| The value of the pound has fallen sharply over the past few days on worries about how the UK's economy will be affected by Brexit. | The value of the pound has fallen sharply over the past few days on worries about how the UK's economy will be affected by Brexit. |
| Sterling was down 0.6% against the dollar at $1.2284 and slid 0.4% against the euro to €1.1051. | Sterling was down 0.6% against the dollar at $1.2284 and slid 0.4% against the euro to €1.1051. |
| The FTSE 100 was up 15.33 points at 7,112.83. | The FTSE 100 was up 15.33 points at 7,112.83. |
| That put the UK's benchmark share index above its record closing high of 7,103.98, but below its record intra-day level of 7,122.74. | That put the UK's benchmark share index above its record closing high of 7,103.98, but below its record intra-day level of 7,122.74. |
| The fall in the pound has boosted the FTSE 100 as many of the companies in the index generate most of their revenues abroad. A weaker pound means overseas revenues are worth more when they are converted back into sterling. | The fall in the pound has boosted the FTSE 100 as many of the companies in the index generate most of their revenues abroad. A weaker pound means overseas revenues are worth more when they are converted back into sterling. |
| Analysts said that the pound could still have further to fall. | |
| "[The pound-dollar rate] crashed through the $1.23 handle to around $1.2284, its lowest level since last week's gyrations. It's not unreasonable to think that ferocious flash crash was just a very tentative toe in the water and the pound is now plunging headlong into the abyss," said Neil Wilson at ETX Capital. | |
| "Sterling seems to be looking for a level and it's really unclear where that could be and so bargain hunting is a risky game to play at the moment." | |
| Share movements | |
| On the stock market, shares in recruitment firm PageGroup - formerly known as Michael Page International - were up 3% despite the company saying profits at its UK business had been hit by the uncertainty following the Brexit vote. | |
| Profits in the third quarter of the year fell 4.7% in the UK to £37.8m. | |
| However, a strong performance in its Europe business meant profits across the group as a whole rose 1.3% to £158.6m. PageGroup also said the weaker pound would add £45m to its gross profits over the year. | |
| Shares in McCarthy & Stone jumped 8% after the retirement home builder said business had returned to "more normal levels" since the end of August. | |
| In the immediate aftermath of the Brexit vote, the company saw higher cancellation rates. However, it said that over the past five weeks, it had seen an increase in new inquiries and "first-time visitors to our developments have been noticeably ahead of the prior year". |