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FTSE 100 rally runs out of steam | |
(about 3 hours later) | |
(Noon): The London market failed to hang on to early gains, despite a strong performance from mining shares. | |
UK shares had made a strong start to the day, tracking gains elsewhere, after the US Federal Reserve indicated it was in no hurry to raise rates. | |
However, after rising 0.8% in early trade, by midday the FTSE 100 index was up just 2.27 points at 6,484.51. | |
Mining firms were enjoying a strong day, boosted by a rise in the prices of metals. | |
Randgold Resources was the top riser on the FTSE 100, up 7.4% after being helped by Numis raising its rating on the stock to "buy". | |
Royal Mail shares rose 1.1% after the firm said it had reached a settlement with French competition authorities. | |
In July, Royal Mail said it had been informed that one of its businesses in France might have broken competition laws. Royal Mail has now set aside £18m to cover the settlement. | In July, Royal Mail said it had been informed that one of its businesses in France might have broken competition laws. Royal Mail has now set aside £18m to cover the settlement. |
Firms associated with travel continued to suffer as worries over the potential impact of the Ebola virus continued. Shares in British Airways owner IAG fell a further 1.6%. | |
Shares in Vodafone fell 1.9% after Nomura cut its rating on the company to "reduce" from "neutral". | |
In the FTSE 250, shares in catalogue retailer N Brown sank nearly 13% after it issued a profit warning. | |
The firm said the recent mild weather had hit demand for winter clothes. It now expects full-year profits of between £88m and £92m, compared with analysts' estimates of £103m. | The firm said the recent mild weather had hit demand for winter clothes. It now expects full-year profits of between £88m and £92m, compared with analysts' estimates of £103m. |
On the currency markets, the pound rose 0.30% against the dollar to $1.6215 and was 0.06% higher against the euro at €1.2704. |