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FTSE 100 lower as Paddy Power slides FTSE 100 falls as pound hits one-month dollar high
(about 3 hours later)
London's stock market opened lower with Paddy Power Betfair suffering after it said revenues had been affected by a run of "customer friendly" results. UK shares fell as the pound gained strength against the dollar following Donald Trump's inauguration speech.
The bookmarker said football results in December and Donald Trump's surprise US election win had cost it about £40m in the final quarter of 2016. 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.
Shares in the company were down 1.8% in early trade, making it one of the biggest fallers on the FTSE 100. As the pound rose, the stock market fell, with the FTSE 100 down 27.39 points at 7,171.05 by late morning.
The UK's benchmark share index was down 63.57 points, or 0.9%, at 7,134.87. A stronger pound can hurt multinational firms, as overseas profits are worth less when converted back into sterling.
Shares in Bovis Homes rose 3.5% following a report that a key shareholder in the housebuilder has written to rival Berkeley about the possibility of a merger. 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.
On the currency markets, the pound rose 0.5% against the dollar to $1.2441, and climbed 0.2% against the euro to 1.1587 euros. 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%.