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FTSE 100 falls as pound hits one-month dollar high | |
(about 3 hours later) | |
UK shares fell as the pound gained strength against the dollar following Donald Trump's inauguration speech. | |
Concern over Mr Trump's protectionist comments hit the US currency, and the pound hit a one-month high against the dollar, rising 0.6% to $1.2450. | |
As the pound rose, the stock market fell, with the FTSE 100 down 27.39 points at 7,171.05 by late morning. | |
A stronger pound can hurt multinational firms, as overseas profits are worth less when converted back into sterling. | |
The biggest faller in the FTSE 100 was bookmaker Paddy Power Betfair. Its shares dropped more than 3% after it said revenues had been affected by a run of "customer friendly" results. | |
The company said football results in December and Donald Trump's surprise US election win had cost it about £40m in the final quarter of 2016. | |
Shares in Bovis Homes rose 3.3% following a report that a key shareholder in the housebuilder has written to rival Berkeley about the possibility of a merger. Berkeley shares were up 1.1%. |