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FTSE 100 higher but Thomas Cook shares fall FTSE 100 rises but housebuilders hit by Budget
(about 5 hours later)
The UK market was higher in late morning trade, but shares in Thomas Cook dropped sharply after the travel firm released its latest results. Shares in housebuilders fell after the chancellor announced in his Budget a review of unused planning permissions.
The benchmark FTSE 100 share index rose 34.49 points to 7,445.83. Barratt Developments was the biggest faller in the FTSE 100, down 3.7%, while Berkeley Group dropped 2.6%.
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". Despite the falls, the UK market closed higher, with the FTSE 100 ending the day up 7.68 points at 7,419.02.
Reckitt Benckiser climbed 2.3% after its rating was raised to "overweight" by analysts at JP Morgan. Outside the FTSE 100, Thomas Cook fell 8.4% after the travel company said earnings 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. On the currency markets, the pound rose 0.4% against the dollar to $1.3290 and was unchanged against the euro at €1.1274.
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.