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FTSE 100 higher but Burberry falls FTSE 100 above 7,000 but Burberry falls
(about 4 hours later)
The UK market opened higher, recovering some of Monday's losses, but shares in Burberry fell following its latest trading update. UK shares rebounded following Monday's 1% fall, with the benchmark FTSE 100 index back above the 7,000 level.
The benchmark FTSE 100 index was up 57.23 points, or 0.8%, at 7,004.78. Shortly after midday the FTSE 100 was up 66.81 points, or 1%, at 7,014.36.
But Burberry shares fell 6.5%, despite the fashion house reporting a big rise in UK retail sales as tourists headed to its stores in London to take advantage of the weaker pound. High Street retailers were among the biggest risers, with Next up 4.6% and Marks and Spencer 3.3% higher.
However, shares in Burberry fell 7.4%, despite the fashion house reporting a big rise in UK retail sales as tourists headed to its stores in London to take advantage of the weaker pound.
The company said underlying UK sales had jumped 30%.The company said underlying UK sales had jumped 30%.
However, total revenues for the six months to 30 September fell 4% on an underlying basis to £1.16bn. However, total revenues for the six months to 30 September fell 4% on an underlying basis to £1.16bn. Burberry said growth in retail sales had been offset by a decline in its wholesale and licensing businesses.
Shares in education publisher Pearson fell a further 3.5%. On Monday its shares had tumbled more than 8% after it reported falling sales amid "challenging" trading.Shares in education publisher Pearson fell a further 3.5%. On Monday its shares had tumbled more than 8% after it reported falling sales amid "challenging" trading.
Tesco shares were trading higher, up 1.8% after the latest figures from research firm Kantar Worldpanel indicated the supermarket had increased its share of the UK grocery market for the first time since 2011. On the currency markets, the pound was enjoying a better day. Sterling was up 0.8% against the dollar at $1.2277, and it also rose 0.8% against the euro to €1.1161.
On the currency markets, the pound was enjoying a better day. Sterling was up 0.5% against the dollar at $1.2240, and rose 0.35% against the euro to €1.1113.