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GDP data triggers spike in pound Barclays shares lift FTSE 100 index
(about 4 hours later)
Stronger-than-expected UK growth figures sent the pound to a one-week high against the dollar. Shares in Barclays were the best performer on the FTSE 100 after the bank reported a rise in third-quarter profits, boosted by a strong performance in its investment banking business.
It also set aside a further £600m to cover PPI mis-selling claims.
The bank's shares rose 4.8% to close at 189.65p. Rival Lloyds also rose after the government reduced its stake further to below 9%.
The FTSE 100 ended up 0.4% at 6,986.6.
Earlier, stronger-than-expected UK growth figures sent the pound to a one-week high against the dollar.
However it fell back sharply and by the end of London trading was down 0.74% at $1.2156
The latest GDP figures indicated that the economy grew by 0.5% in the third quarter of the year, better than analysts' forecasts of 0.3%.The latest GDP figures indicated that the economy grew by 0.5% in the third quarter of the year, better than analysts' forecasts of 0.3%.
In response, the pound jumped to $1.2273 against the dollar, as the chances of another rate cut by the Bank of England appeared to diminish. Against the euro, the pound was down 0.71% at €1.1147.
Sterling then slipped back slightly to $1.2249, little changed for the day.
Against the euro, the pound was down 0.1% at €1.1213.
On the stock market, the FTSE 100 was trading flat shortly after midday, down just 0.59 at 6,957.50.
Shares in Barclays were 2.3% higher after the bank reported a rise in third-quarter profits. Barclays also set aside a further £600m to cover PPI mis-selling claims.
BT fell 2.1% after the telecoms group - which recently acquired mobile firm EE - reported its latest results. Adjusted revenues in the second quarter rose 1.1% to £6bn, with pre-tax profits up 24% to £873m.BT fell 2.1% after the telecoms group - which recently acquired mobile firm EE - reported its latest results. Adjusted revenues in the second quarter rose 1.1% to £6bn, with pre-tax profits up 24% to £873m.
Shares in Debenhams rose 3.4% despite the department store group reporting a 10% drop in full-year profits to £101.7m. Shares in Debenhams rose 3% despite the department store group reporting a 10% drop in full-year profits to £101.7m.