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FTSE 100 rises as Intertek boosted by upgrade FTSE 100 rises as sterling weakens
(35 minutes later)
London's market began the week on the front foot, with the FTSE 100 up 25.58 points at 7,496.29 in early trade. London's stock market began the week higher as the pound fluctuated around the $1.30 mark.
Shares in product testing company Intertek led the index higher, up 2.1%, after analysts at Kepler Cheuvreux raised their rating on the company to "buy" from "hold". Shortly after midday, the FTSE 100 was up 39.41 points at 7,510.12.
Mining shares also bolstered the FTSE 100, and Marks and Spencer rose 1% ahead of their results on Wednesday. Shares in product testing company Intertek led the index higher, up 2.4%, after analysts at Kepler Cheuvreux raised their rating on the company to "buy" from "hold".
In the FTSE 250, Cairn Energy rose 4.2% after a broker upgrade. Shares in Marks and Spencer rose 1.8% ahead of the High Street giant's results on Wednesday.
Macquarie raised its rating on the company to "outperform" from "neutral". Worldpay Group was the biggest faller on the index, down 3.4%, after Bryan Garnier cut its rating on the company to "sell" from "neutral".
On the currency markets, the pound fell back below the $1.30 mark, dropping 0.5% to $1.2969. Against the euro, sterling dipped 0.2% to 1.1616 euros. A change in broker ratings was also behind a 3.2% rise in Cairn Energy's shares. The FTSE 250 company was boosted after Macquarie lifted its rating to "outperform" from "neutral".
On the currency markets, the pound fell back below the $1.30 mark in early trade, but then recovered to stand at $1.3010, still down 0.2% for the day. Against the euro, sterling slid 0.5% to 1.1573 euros.