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London Market Report London Market Report
(about 4 hours later)
(Open): The market rose in early trade, but shares in Smiths Group fell more than 4% after the engineering group reported a fall in profits. (Noon): The London market saw modest gains, although traders were said to be wary of making major moves ahead of the Scottish vote on independence.
Smiths Group reported a 10% fall in annual operating profits to £504m after it was hit by the strength of sterling and weak results from its medical and detection units. The FTSE 100 index was up 9.71 points at 6,801.95. Other European markets were higher on hopes that the latest US Fed meeting will not signal any plans for an early rate rise.
Smiths' shares fell 4.4%, making them the biggest fallers in the FTSE 100. Smiths Group shares fell 5.6% to 1274p after it reported a fall in profits.
However, the FTSE 100 index was up 11.04 points at 6,803.28. Annual operating profits at the engineering group dropped 10% to £504m.
In the FTSE 250, shares in JD Sports rose 2.9% after the retailer reported a big increase in half-year profits. The company was hit by the strength of sterling and it also saw a fall in sales at its detection unit, which makes airport scanners.
Shares in housebuilders were among the top risers in the FTSE 100, with Barratt Developments up 3.3% at 392.70p and Persimmon 2% higher at 1359p.
In the FTSE 250, shares in JD Sports jumped 6.6% to 435p after the retailer reported a big increase in half-year profits.
Pre-tax profit for the 26 weeks to 2 August was £16.45m, compared with £6.09m a year earlier.Pre-tax profit for the 26 weeks to 2 August was £16.45m, compared with £6.09m a year earlier.
On the currency markets, the pound rose 0.21% against the dollar to $1.6312 and was up 0.2% against the euro at 1.2586 euros. On the currency markets, the pound rose 0.18% against the dollar to $1.6306 and was up 0.2% against the euro at 1.2586 euros.