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FTSE 100 flat despite boost from Next | |
(about 4 hours later) | |
London's main share index was little changed by midday, despite shares in Next rising after its latest results. | |
The FTSE 100 index was up just 0.72 points at 7,325.44. | |
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 1.3% 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". | |
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 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. |