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| FTSE 100 rises as Next reports higher sales | |
| (35 minutes later) | |
| (Open): Retailer Next has led shares higher on the FTSE 100 index after reporting a rise in overall sales in the three months to the end of July. | (Open): Retailer Next has led shares higher on the FTSE 100 index after reporting a rise in overall sales in the three months to the end of July. |
| Next said sales were 0.3% higher compared with a year earlier, although store sales were down 3.3%. | Next said sales were 0.3% higher compared with a year earlier, although store sales were down 3.3%. |
| The FTSE 100 index is up 0.36% at 6,669.63, with Next shares up 3.9% to 5,330.60p. | The FTSE 100 index is up 0.36% at 6,669.63, with Next shares up 3.9% to 5,330.60p. |
| Elsewhere, shares in HSBC are 3.69% at 500.60p after the bank announced a $2.5bn (£1.88bn) share buyback. | Elsewhere, shares in HSBC are 3.69% at 500.60p after the bank announced a $2.5bn (£1.88bn) share buyback. |
| The announcement follows the sale of its Brazilian division last year and came as a surprise to investors according to analysts. | The announcement follows the sale of its Brazilian division last year and came as a surprise to investors according to analysts. |
| HSBC reported a 29% fall in pre-tax profits for the six months to the end of June to $9.7bn down by $3.9bn compared with a year earlier. | HSBC reported a 29% fall in pre-tax profits for the six months to the end of June to $9.7bn down by $3.9bn compared with a year earlier. |
| The bank described the weak numbers as a "reasonable performance in the face of considerable uncertainty". | The bank described the weak numbers as a "reasonable performance in the face of considerable uncertainty". |
| Energy firms SSE and Centrica are higher after Ofgem said it would introduce a price cap for energy customers that use pre-pay meters, but stopped short of introducing caps on standard variable energy tariffs. | Energy firms SSE and Centrica are higher after Ofgem said it would introduce a price cap for energy customers that use pre-pay meters, but stopped short of introducing caps on standard variable energy tariffs. |
| Centrica is 0.3% higher at 234.20p, while SSE is 1.2% higher at 1,521.00p | Centrica is 0.3% higher at 234.20p, while SSE is 1.2% higher at 1,521.00p |
| On the currency markets, the pound was 0.43% lower against the dollar at $1.32990 and 0.29% lower against the euro at €1.18660. | On the currency markets, the pound was 0.43% lower against the dollar at $1.32990 and 0.29% lower against the euro at €1.18660. |