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FTSE 100 lifted by tobacco stocks FTSE 100 lifted by tobacco stocks
(about 4 hours later)
(Open): News of British American Tobacco's planned merger with US cigarette company Reynolds boosted shares in cigarette companies. News of British American Tobacco's planned merger with US cigarette company Reynolds boosted shares in cigarette companies.
Shares in BAT itself were up 2.3%, making it the biggest riser on the FTSE 100, while rival Imperial Tobacco climbed 1.7%. Shares in BAT itself were up 3.9% by midday, while rival Imperial Brands climbed 3.1%.
BAT wants to buy the 57.8% of Reynolds it does not already own in a $47bn (£38bn) deal. BAT wants to buy the 57.8% of Reynolds it does not already own.
The FTSE 100 index was up 13.18 points at 7,040.08. Fashion house Burberry was the biggest riser on the FTSE 100, up nearly 5%, on a report that US luxury goods company Coach was mulling a merger.
Shares in Intercontinental Hotels Group fell 1.7% after it reported slowing revenue growth. The FTSE 100 index was 25.16 points higher at 7,052.06.
Shares in Intercontinental Hotels Group fell 0.8% after it reported slowing revenue growth.
The key measure of revenue per available room (RevPAR) grew by 1.3% in the three months to 30 September, down from a rate of 2.5% in the previous quarter.The key measure of revenue per available room (RevPAR) grew by 1.3% in the three months to 30 September, down from a rate of 2.5% in the previous quarter.
The company said it had seen "significant" declines in RevPAR in France, Turkey and Belgium amid "challenging trading conditions". Demand for travel to these markets has been hit by security fears. The company said it had seen "significant" declines in RevPAR in France, Turkey and Belgium amid "challenging trading conditions". All three countries have seen demand from tourists slow following terror attacks.
On the currency markets, the pound fell 0.2% against the dollar to $1.2233, but rose 0.15% against the euro to €1.1230. In the FTSE 250, shares in Acacia Mining jumped nearly 12% after the company, which owns gold mines in Africa, raised its forecast for production from its Tanzania mines.
On the currency markets, the pound fell 0.3% against the dollar to $1.2212, but was flat against the euro at €1.1216.