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FTSE 100 slides as pound rises FTSE 100 slides as pound rises
(about 4 hours later)
UK shares lost ground as trading got under way on Friday but the pound climbed against the dollar. The pound climbed back above $1.27 but the FTSE 100 share index was on track for its third week of losses in a row.
The benchmark FTSE 100 index fell 33.39 points to 7,405.90. Shortly after midday the FTSE 100 was down 29.88 points at 7,409.41.
Pharmaceutical firms were among the biggest fallers in the index, with Shire down 1.9% and AstraZeneca dropping 1.3%. Meanwhile sterling rose 0.4% against the dollar to $1.2732, and climbed 0.2% against the euro to 1.1401 euros.
Broadcasting company ITV was the biggest riser in the FTSE 100, up 2.3% after Morgan Stanley raised its rating on the company to "overweight". The FTSE 100 often falls when the pound rises because many firms in the index operate abroad. A stronger pound means overseas earnings are worth less when changed back into sterling.
In the FTSE 250, shares in Domino's Pizza fell nearly 7% after analysts at Berenberg cut their rating on the company to "hold". Comments from brokers were behind some of the bigger share movements. BAE Systems fell 1.8% after JP Morgan cut its rating on the company to "neutral".
On the currency markets, the pound climbed back above the $1.27 mark, rising 0.4% against the dollar to $1.2730. Against the euro, sterling rose 0.2% to 1.1398 euros. Broadcasting company ITV was the biggest riser in the FTSE 100, up 2.3%, as Morgan Stanley raised its rating to "overweight".
The FTSE 100 often falls when the value of the pound rises. This is because many firms in the index have significant operations abroad, and a stronger pound means that earnings from overseas are worth less when converted back into sterling. In the FTSE 250, shares in Domino's Pizza fell 3.5% after analysts at Berenberg cut their rating on the company to "hold".