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FTSE 100 falls but Berkeley lifts housebuilders FTSE 100 falls ahead of Italian referendum
(about 4 hours later)
The UK stock market fell in early trade but positive results from Berkeley lifted shares in housebuilders. The UK stock market fell but shares in Berkeley Group jumped after the housebuilder reported rising profits.
The benchmark FTSE 100 share index dropped 48.51 points, or 0.7%, to 6,704.42. Shortly before midday, the benchmark FTSE 100 share index was down 66.45 points, or 1%, at 6,686.48, with investors cautious ahead of Italy's referendum at the weekend.
Mining shares were among the biggest fallers, with BHP Billiton down 3%, after the price of metals dropped. Mining giant BHP Billiton and Barclays bank were among the biggest fallers.
In the FTSE 250, shares in Berkeley Group rose 4.6% after the housebuilder reported a 34% rise in half-year profits to £392.7m. In the FTSE 250, shares in Berkeley rose 5.6% after the housebuilder posted a 34% rise in half-year profits.
However, the company also said reservations were down 20% over the period, which it blamed on the higher stamp duty for buy-to-let landlords and uncertainty caused by the Brexit vote.However, the company also said reservations were down 20% over the period, which it blamed on the higher stamp duty for buy-to-let landlords and uncertainty caused by the Brexit vote.
Berkeley's share performance lifted other firms in the sector, with Barratt Developments up 1.5% and Taylor Wimpey climbing 0.5%. On the currency markets, the pound rose 0.3% against the dollar to $1.2626, and was 0.5% higher against the euro at €1.1865.
On the currency markets, the pound rose 0.1% against the dollar to $1.2608, and was 0.2% higher against the euro at €1.1830. Oil prices fell back after two days of strong gains that were triggered by Opec's decision to cut production next year.
Oil prices fell back slightly after two days of strong gains that were triggered by Opec's decision to cut production next year. The price of Brent crude dropped 1.5% to $53.14 a barrel, while US crude fell 1.3% to $50.39.
The price of Brent crude slid 0.4% to $53.75 a barrel, while US crude fell 0.3% to $50.89.