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London Market Report London Market Report
(about 3 hours later)
(Open): Direct Line Insurance rose in early trade after it announced the sale of its international division. (Noon): UK stocks struggled to make headway on Wednesday with the US dollar powering away on the currency markets.
Spanish insurance company Mapfre has bought Direct Line's Italian and German businesses for 550m euros (£430.5m). Direct Line shares rose 1.65% to 302p. After rising at first the FTSE 100 fell back, with the index down 5.75 points at 6,700.52.
The FTSE 100 index was holding steady in early trade, up 1.33 points at 6,707.60. The surge in the value of the dollar hit commodity-related stocks. Among the mining firms Fresnillo fell 3.9% and Anglo American was down 3%.
Pub group Mitchells & Butlers sank 6.2% after it said trading conditions last month had been "difficult". The dollar has strengthened as markets bet that the recovery in the US will see interest rates rise next year.
Meanwhile, the anaemic growth seen in the eurozone means the European Central Bank is likely to have to continue supporting the currency bloc for some time to come.
The euro fell to $1.2695, its lowest rate since November 2012, and the dollar hit four-year high against a basket of currencies. The pound fell 0.22% against the dollar to $1.6303
Among commodities, Brent crude oil fell 10 cents to $96.85 a barrel while US crude dipped 5 cents to $92.75.
On the London stock market, shares in Direct Line Insurance rose 0.7% after it announced the sale of its international division.
Spanish insurance company Mapfre has bought Direct Line's Italian and German businesses for 550m euros (£430.5m).
In the FTSE 250, pub group Mitchells & Butlers sank 6.2% after it said trading conditions last month had been "difficult".
The company said "consumers remained cautious about spending and rainfall was significantly higher than last year".The company said "consumers remained cautious about spending and rainfall was significantly higher than last year".
Like-for-like sales at M&B were up 0.1% in the nine weeks to 20 September.Like-for-like sales at M&B were up 0.1% in the nine weeks to 20 September.
On the currency markets, the pound fell 0.21% against the dollar to $1.6305 but rose 0.37% against the euro to 1.2832 euros.