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FTSE 100 rebounds after two days of losses FTSE 100 rebounds and sterling rises
(about 4 hours later)
London's main share index opened higher as the market recovered some of the ground lost in the past two days. 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.
Global markets have dropped sharply since Wednesday, with uncertainty surrounding the Trump presidency being blamed for the sell-off. Shortly after midday, the FTSE 100 was up 29.54 points at 7,465.96.
The row over the firing of FBI director James Comey has led to growing scepticism about Mr Trump's ability to deliver tax and regulatory reform. The FTSE fell on Wednesday and Thursday as markets were hit by the uncertainty surrounding the Trump presidency.
But in early trade on Friday, the FTSE 100 rose 30.10 points to 7,466.52. 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.
Airlines shares were in favour, with British Airways owner IAG up 1.6% and EasyJet rising 1.5%. 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.
But shares in Hikma Pharmaceuticals dropped 4.8% after the company cut its full-year revenue forecast. 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 was back below the $1.30 mark. On Thursday, it had jumped above this level to the highest point since September after the release of stronger-than-expected retail sales figures. 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 $1.2981. Against the euro, the pound was down slightly at 1.1648 euros. However, on Friday it was trading at $1.3009. Against the euro, the pound was down slightly at 1.1645 euros.