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FTSE's recent record-breaking run stalls | |
(about 4 hours later) | |
The FTSE 100's recent record-breaking run has stalled, with shares losing ground on Wednesday. | |
At close of trade in London, the benchmark index was down 18.56 points, or 0.25%, at 7,503.47. | |
On Tuesday, the FTSE had climbed above the 7,500 level for the first time, closing at 7,522.03 points. | |
Against the US greenback, the pound was up 0.22% at $1.2945. However, it dipped against the euro, falling 0.33% to 1.1616 euros. | |
In general, a weaker pound lifts the FTSE 100 as many companies on the index have significant revenues from overseas. | In general, a weaker pound lifts the FTSE 100 as many companies on the index have significant revenues from overseas. |
A weak pound means these revenues are worth more when converted back into sterling. | A weak pound means these revenues are worth more when converted back into sterling. |
Shares in Lloyds Banking Group were up nearly 2% after the government confirmed it had shed its last remaining stake in the bank, thus returning it to the private sector. | |
Other winners included Fresnillo, Tesco, Kingfisher and Randgold. | |
Shares in British Land were down 3.3% despite it posting a 7.4% rise in full-year profit. | |
Other fallers included Ashtead Group, CRH, Hikma Pharmaceuticals and Rolls-Royce Holdings. |