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London Market Report | London Market Report |
(about 3 hours later) | |
(Noon): Shares in housebuilders jumped as Bank of England measures to cool the housing market were seen as unlikely to have a major impact. | |
Bank governor Mark Carney also said that he expected momentum in the market "to continue for the next year or so". | |
Shares in Persimmon rose 4.2% and Barratt Developments was up 3.7%. | |
However, the FTSE 100 was only up 0.70 at 6,734.32 during lunchtime trade with sharp falls in two of the largest UK-listed banks weighing on the index. | |
Shares in Barclays dived 5.2% after the New York attorney general filed a fraud lawsuit against the bank. | |
The lawsuit alleges the bank misled some investors by falsely telling them it was protecting them from high-frequency traders. | The lawsuit alleges the bank misled some investors by falsely telling them it was protecting them from high-frequency traders. |
Barclays said it was taking the allegations "very seriously". | Barclays said it was taking the allegations "very seriously". |
Standard Chartered shares fell 4.6% after the bank said its first-half operating profits would be 20% lower than a year earlier, citing "difficult trading conditions". | |
Shares in the London Stock Exchange (LSE) jumped 6.2% after it announced it had bought US asset management business Frank Russell for £1.6bn. | |
The purchase, the largest in the LSE's history, gives the exchange ownership of the Russell 2000 small-cap US stock index and also makes it the third largest player in the growing market for exchange traded funds (ETFs). | |
Currys owner Dixons Retail and mobile phone retailer Carphone Warehouse both reported strong rises in profits ahead of their planned merger. Dixons shares edged up 0.2% while Carphone Warehouse rose 0.9%. | |
On the currency markets, the pound rose 0.3% against the dollar to $1.7029 and climbed 0.4% against the euro to 1.2507 euros. |