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FTSE 100 rises as pound hit by Barnier comments | |
(about 3 hours later) | |
The pound fell back after the EU's chief negotiator said talks over Brexit were making little progress. | |
Michel Barnier said there was still "deadlock" over the so-called divorce bill, which he said was "disturbing". | |
Sterling dropped in reaction to the news, with the pound down 0.5% against the dollar at $1.3154. It also fell 0.5% against the euro to €1.1095. | |
Meanwhile, the benchmark FTSE 100 share index was up 24.66 points at 7.558.47 shortly after midday. | |
The index often benefits from a fall in sterling, as a weaker currency increases the value of companies' overseas earnings when they are brought back to the UK and converted back into pounds. | |
Sky was one of the biggest risers in the FTSE 100, up 1.7%, after the broadcaster reported a big rise in new customers. | |
Popular TV series such as Game of Thrones helped it to add 160,000 new customers in the first quarter of its financial year, up 51% on a year earlier. | |
In the FTSE 250, shares in Just Eat jumped 5% after the online takeaway ordering firm's takeover bid for rival Hungryhouse was given provisional clearance. | |
The Competition and Markets Authority said the tie-up was "unlikely to result in competition concerns". | The Competition and Markets Authority said the tie-up was "unlikely to result in competition concerns". |
It said the industry was "evolving rapidly", with companies such as Deliveroo, Ubereats and Amazon all now entering the market. | It said the industry was "evolving rapidly", with companies such as Deliveroo, Ubereats and Amazon all now entering the market. |