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FTSE 100 rises as Morrisons boosted by upgrade FTSE 100 slides as sterling strengthens
(about 4 hours later)
Shares in Morrisons made a strong start to the day after Bank of America Merrill Lynch upgraded its rating on the firm to "buy" from "underperform". The UK stock market reversed early gains, with the FTSE 100 share index down 19.20 points at 7,354.52 shortly after midday.
The supermarket's shares rose 2.5%, making it the biggest gainer on the FTSE 100 share index. SSE fell 1.8% after the energy firm said operating profits for 2016-17 at its retail unit were expected to fall.
Overall, the index was up 5.43 points at 7,379.15 in early trade. Shares in Marks and Spencer were down 1.8% after UBS cut its rating on the retailer to neutral.
Shares in energy company SSE fell 1.75%. The firm said operating profits at its retail business in the 2016-17 financial year were expected to fall. Morrisons shares rose 1.4% after Bank of America Merrill Lynch upgraded its rating to "buy" from "underperform".
In January, SSE said the number of its customers had fallen from 8.21 million in March 2016 to 8.08 million by the end of the year. In the FTSE 250, shares in AO World fell at first after the household appliance retailer said it was raising £50m through a share placing in order to fund expansion. However, the shares recovered as the morning progressed, and stood 3.8% higher at 143.10p by lunchtime.
In the FTSE 250, shares in AO World dropped 1.7%. The household appliance retailer said it was raising £50m through a share placing in order to fund expansion. On the currency markets, the pound gathered strength throughout the morning, and stood 0.3% higher against the dollar at $1.2474, while against the euro it was up 0.5% at 1.1608 euros.
On the currency markets, the pound was 0.2% lower against the dollar at $1.2407, and was unchanged against the euro at 1.1556 euros.