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FTSE 100 dips despite boost from Next FTSE 100 flat despite boost from Next
(about 4 hours later)
London's benchmark share index opened lower, despite shares in Next rising following its latest results London's main share index was little changed by midday, despite shares in Next rising after its latest results.
The FTSE 100 index was down 9.99 points at 7,314.73 in early trade. The FTSE 100 index was up just 0.72 points at 7,325.44.
Next shares rose nearly 6% despite the retailer reporting its first fall in annual profits for eight years, with profits dropping to £790m. Next shares rose 6.5% despite the retailer reporting its first fall in annual profits for eight years, with profits dropping to £790m.
"Not a pretty set of figures from Next but no worse than expected after warning on profits in January," said Neil Wilson at ETX Capital."Not a pretty set of figures from Next but no worse than expected after warning on profits in January," said Neil Wilson at ETX Capital.
"Investors seem to be reassured that it's taking steps to turn things around with a focus on core products.""Investors seem to be reassured that it's taking steps to turn things around with a focus on core products."
Shares in Tesco rose 1.1% after Deutsche Bank raised its rating on the supermarket to "buy". However, shares in rival Sainsbury's slipped 1% as Deutsche cut its rating to "hold". Shares in Tesco rose 1.3% after Deutsche Bank raised its rating on the supermarket to "buy". However, shares in rival Sainsbury's slipped 0.5% as Deutsche cut its rating to "hold".
Kingfisher was the biggest faller in the FTSE 100, down 2.7% as investors continued to react to the Screwfix and B&Q owner's results on Wednesday. Shares in Kingfisher fell a further 1.3% as investors continued to react to the Screwfix and B&Q owner's results on Wednesday.
Kingfisher reported a big rise in annual profits but gave a cautious outlook because of uncertainty surrounding Brexit and the French presidential elections.Kingfisher reported a big rise in annual profits but gave a cautious outlook because of uncertainty surrounding Brexit and the French presidential elections.
On the currency markets, the pound dipped 0.1% against the dollar to $1.2469, and was flat against the euro at 1.1569 euros. On the currency markets, the pound jumped on news of a stronger-than-expected rise in UK retail sales last month.
Sales rose 1.4% in February from the month before. However, the underlying picture was weaker and most of sterling's gains were gradually erased as the morning progressed.
Shortly after midday the pound was up 0.1% against the dollar at $1.2492, and was 0.2% higher against the euro at 1.1592 euros.