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UK shares boosted by Fed minutes FTSE 100 rally runs out of steam
(about 3 hours later)
(Open): UK shares made a strong start to the day, tracking gains in global markets, after minutes from the US Federal Reserve indicated it was in no hurry to raise rates. (Noon): The London market failed to hang on to early gains, despite a strong performance from mining shares.
Stocks on Wall Street surged after the minutes were published, and shares in London followed suit. 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.
The FTSE 100 index opened up 50.53 points, or 0.8%, at 6,532.77. 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 the top risers, with Randgold up 7.1% after Numis raised its rating on the stock to "buy". Mining firms were enjoying a strong day, boosted by a rise in the prices of metals.
Royal Mail shares rose 1.8% after the firm said it had reached a settlement with French competition authorities. 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.
Vodafone was among the few firms falling in the FTSE 100. It dropped 0.6% after Nomura cut its rating on the company to "reduce" from "neutral". 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%.
In the FTSE 250, shares in catalogue retailer N Brown sank more than 12% after it issued a profit warning. 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 0.23% against the dollar to $1.6204 but fell 0.12% against the euro to €1.2681. 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.