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FTSE 100 rises as sterling slides FTSE 100 dips as BT shares plunge
(about 4 hours later)
UK shares rose as the Supreme Court ruling on Article 50 hit the value of the pound. UK shares closed in negative territory after rising earlier, as investors reacted to the Supreme Court ruling on Article 50.
The court ruled that Parliament must vote before the Brexit process begins, but also said that the Scottish, Welsh or Northern Irish assemblies did not have to be consulted. The court said Parliament must vote before the Brexit process begins, but that the Scottish, Welsh or Northern Irish assemblies need not be consulted.
This latter point hit sterling, with the pound down 0.7% against the dollar at $1.2449 shortly after midday. The FTSE 100 share index ended the day down just 0.84 points at 7,150.34.
However, the FTSE 100 share index was up 15 points at 7,166.18. Biggest loser was BT, which plunged nearly 21% after warning of the effects of a major accounting scandal in Italy.
A fall in the pound often benefits the FTSE, as it means profits earned overseas by the multinational firms listed on the index are worth more when they are converted back into sterling.
The FTSE was higher despite shares in BT shares plunging nearly 18% after the telecoms group warned of lower earnings following a bigger-than-expected accounting scandal in Italy.
It said it would write down the value of its Italian business by £530m after years of "inappropriate behaviour".It said it would write down the value of its Italian business by £530m after years of "inappropriate behaviour".
Shares in Easyjet dropped 9% after the carrier said the weak pound would hit profits by a larger-than-expected £105m this year. Sterling fell 0.14% against the dollar to $1.2519, but was little moved against the euro at 1.1644 euros.
Dixons Carphone fell 5% despite reporting rising sales over Christmas. In the 10 weeks to 7 January. like-for-like sales rose 6% at its stores in the UK and Ireland. Shares in Easyjet dropped nearly 9% after the carrier said the weak pound would hit profits by a larger-than-expected £105m this year.
Dixons Carphone fell 6.3% despite reporting rising sales over Christmas. In the 10 weeks to 7 January. like-for-like sales rose 6% at its stores in the UK and Ireland.
However, analysts said it could face tougher times in 2017.However, analysts said it could face tougher times in 2017.
"While it enjoys a key advantage in being the last remaining retailer of any scale that customers can visit to buy those must-have electronics, sterling's weakness makes it increasingly difficult to sell its imported items at knock-down prices and stay competitive with the likes of Amazon," said George Salmon, equity analyst at Hargreaves Lansdown."While it enjoys a key advantage in being the last remaining retailer of any scale that customers can visit to buy those must-have electronics, sterling's weakness makes it increasingly difficult to sell its imported items at knock-down prices and stay competitive with the likes of Amazon," said George Salmon, equity analyst at Hargreaves Lansdown.