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FTSE 100 above 7,000 but Burberry falls | |
(about 4 hours later) | |
UK shares rebounded following Monday's 1% fall, with the benchmark FTSE 100 index back above the 7,000 level. | |
Shortly after midday the FTSE 100 was up 66.81 points, or 1%, at 7,014.36. | |
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. 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. |
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. | |