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UK shares higher as sterling falls UK shares slip as sterling rises
(about 5 hours later)
UK shares were trading higher by midday, but the pound was lower on the back of the latest economic data. The UK's FTSE 100 index closed at its lowest level for the year, slipping below 7,100 points after sterling rose against the dollar.
Shortly after midday, the benchmark FTSE 100 share index was up 37.32 points, or 0.5%, at 7,155.80. The benchmark share index dropped 19 points, or 0.3%, at 7,099.
Mining shares were among the top risers on the index, with BHP Billiton and Anglo American both up by more than 2%. Earlier this month, the FTSE reached a record closing high of 7,327 after a 15-day winning streak, but has since given up all of this year's gains.
Sterling fell on the currency markets after figures from the Bank of England suggested that growth in personal borrowing stalled in December. In part that has been due to a rally in the pound, and sterling rose again on Tuesday against the dollar.
On the currency markets, the pound fell 0.2% against the dollar to $1.2465, and was down 0.8% against the euro at 1.1591. The FTSE 100 is made up of a large number of companies which make most of their profits outside the UK, and so benefit from a weaker pound.
The euro was boosted by the release of a raft of economic data that suggested the bloc's recovery was picking up pace. 'Even rockier'
Among individual shares in London, Ocado jumped nearly 10% after the online grocer reported a rise in full-year profits. Sterling was 0.7% higher against the dollar at $1.26 amid uncertainty among investors over the policies of the Trump administration.
The company reported a 21.8% increase in pre-tax profits to £14.5m for the year to 27 November. Michael Hewson, chief market analyst at CMC Markets UK, said: "The events of the last 24 hours and the departure of the US Attorney General have served to build up that apprehension and the risks that the investment road could well start to get even rockier with even more potholes."
Also in the FTSE 250, Britvic shares were up nearly 5% after the soft drinks company reported a 4.3% rise in first-quarter revenues. The pound fell 0.2% against the euro at 1.166, after the euro was boosted by the release of a raft of economic data that suggested the bloc's recovery was picking up pace.
Among individual shares in London, Ocado jumped nearly 10% after the online grocer reported a rise in full-year profits, before paring those gains to finish 2% higher.
The company reported a 22% increase in pre-tax profits to £14.5m for the year to 27 November.
Also in the FTSE 250, Britvic shares were up 6% after the soft drinks company reported a rise in first-quarter revenues.