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FTSE 100 rebounds and sterling rises | |
(about 4 hours later) | |
London's main share index is on track for its fourth straight week of gains. having recovered some of the ground lost in the past two days. | |
Shortly after midday, the FTSE 100 was up 29.54 points at 7,465.96. | |
The FTSE fell on Wednesday and Thursday as markets were hit by the uncertainty surrounding the Trump presidency. | |
The row over the firing of FBI director James Comey led to growing scepticism about Mr Trump's ability to deliver tax and regulatory reform. | |
But the FTSE 100 saw a broad-based recovery on Friday, with gold miner Fresnillo leading the way - up 2.8%. The company has benefited from a rise in the gold price this week, which was triggered by the events in the US. | |
The biggest faller on the index was Hikma Pharmaceuticals. Its shares dropped 5.2% after the company cut its full-year revenue forecast. | |
Last week, Hikma had said that its launch of a generic asthma drug would be delayed after its approval was blocked by US regulators. | Last week, Hikma had said that its launch of a generic asthma drug would be delayed after its approval was blocked by US regulators. |
On the currency markets, the pound rebounded back above the $1.30 mark. On Thursday, it had reached an eight-month high of $1.3048 after the release of stronger-than-expected retail sales figures, but fell back in late trade. | |
However, on Friday it was trading at $1.3009. Against the euro, the pound was down slightly at 1.1645 euros. |