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Version 0 Version 1
London Market Report London Market Report
(about 3 hours later)
(Open): After seeing heavy falls on Thursday, triggered by concerns over Portugal's biggest listed bank, markets made a steady start to the day. (Noon): The London market held steady on Friday, with the FTSE 100 index up 11.60 points at 6,683.97.
The FTSE 100 index was up 18.33 points at 6,690.70, and other European markets also saw modest increases. Shares across Europe had been hit on Thursday by worries over Portugal's largest listed bank, but markets saw a modest rebound on Friday.
Shares in Imperial Tobacco rose 3.7% after it said it was in talks to buy assets and brands that might be sold by US firms Reynolds and Lorillard. Imperial Tobacco rose 3.3% after saying it was in talks with US firms Reynolds and Lorillard to buy brands that might become available if the two merge.
The two US cigarette makers are in advanced talks over a merger. The two US cigarette makers have said they are in talks over a merger.
Airline shares have been under pressure in recent days but were enjoying a better session on Friday. "The USA remains one of the world's largest and most profitable cigarette markets," Imperial said.
Easyjet shares climbed 2.4% and British Airways owner IAG rose 2.1%. Airline shares have been under pressure in recent days but were enjoying a better session on Friday. Easyjet shares climbed 1.9% and British Airways owner IAG rose 0.6%.
The biggest drag on the index came from mining shares, with Randgold Resources down 3% and Fresnillo 2.3% lower. The biggest drag on the index came from mining shares, with Randgold Resources down 3.5% and Fresnillo 2.4% lower.
On the currency markets, the pound was flat against the dollar at $1.7130 and was unchanged against the euro at 1.2588 euros. On the currency markets, the pound edged up 0.02% against the dollar to $1.7136 and rose 0.05% against the euro at 1.2595 euros.