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FTSE 100 rises ahead of Budget FTSE 100 higher but Thomas Cook shares fall
(about 3 hours later)
The UK market opened higher as investors waited for the chancellor's Budget speech, due at 12:30 GMT. The UK market was higher in late morning trade, but shares in Thomas Cook dropped sharply after the travel firm released its latest results.
The benchmark FTSE 100 share index rose 18.04 points to 7,429.38. The benchmark FTSE 100 share index rose 34.49 points to 7,445.83.
Broker upgrades were behind some of the biggest movers on the index. B&Q owner Kingfisher rose 2.4% after analysts at Jefferies upgraded their rating on the company to "buy". B&Q owner Kingfisher was the biggest riser on the index, up 3.7%, after analysts at Jefferies upgraded their rating on the company to "buy".
Reckitt Benckiser climbed 2.3% after its rating was raised to "overweight" by analysts at JP Morgan.Reckitt Benckiser climbed 2.3% after its rating was raised to "overweight" by analysts at JP Morgan.
However, outside the FTSE 100 shares in Thomas Cook dived 10% after the travel company said profits at its UK division had fallen 40% following "challenging" trading. However, outside the FTSE 100 shares in Thomas Cook fell 8.7% after the travel company said earnings at its UK division had fallen 40% following "challenging" trading.
The news knocked shares in rival tour operator TUI, which fell 2.6%. On the currency markets, the pound edged up 0.05% against the dollar to $1.3246 but fell 0.1% against the euro to €1.1270.
On the currency markets, the pound rose 0.1% against the dollar to $1.3251 but fell 0.1% against the euro to €1.1262.