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FTSE 100 rises with Reckitt higher on planned US deal Sterling falls after Bank of England report
(about 5 hours later)
Consumer goods group Reckitt Benckiser led the FTSE 100 higher after it confirmed it had made a bid approach for US baby formula maker Mead Johnson. The pound fell after the Bank of England's latest forecasts gave few signs of an early interest rate rise.
Reckitt shares rose 4.6% after it said it made a $90-a-share cash offer for Mead Johnson, valuing it at $16.7bn. The Bank upgraded its growth forecast for this year to 2%, and - as expected - kept interest rates on hold at 0.25%.
The FTSE 100 share index was up 13.99 points at 7,121.64. It said some of its rate-setters had "moved a little closer" to their limits of tolerating inflation overshooting the Bank's 2% target.
Shares in Royal Dutch Shell were up by about 1.6% after the oil giant reported its latest results. Profits for 2016 fell to $3.5bn from $3.8bn. However, markets felt there was no real change to the Bank's stance, and the pound fell sharply.
Against the dollar, sterling fell by more than cent to $1.2549, while it dropped 1.3 euro cents, or 1.1%, against the euro to 1.621 euros.
The fall in the pound triggered a rise in the benchmark FTSE 100 share index, which was up 46.64 points at 7,154.29.
A weaker sterling is seen as beneficial to many multinational firms listed on the FTSE 100, as it means earnings overseas are worth more when converted back into pounds.
Among individual shares, Reckitt Benckiser rose 3.4% after the consumer goods group confirmed it had made a bid approach for US baby formula maker Mead Johnson.
Reckitt has made a $90-a-share cash offer for Mead Johnson, valuing it at $16.7bn.
Shares in Royal Dutch Shell were up by about 2.5% after the oil giant reported its latest results. Profits for 2016 fell to $3.5bn from $3.8bn.
However, Shell said cash inflow during the final quarter of last year had been $9bn, more than covering its dividend, and that it had been able to repay $4.5bn worth of debt.However, Shell said cash inflow during the final quarter of last year had been $9bn, more than covering its dividend, and that it had been able to repay $4.5bn worth of debt.
Vodafone shares fell 1.4% after the mobile phone giant said growth in full-year earnings was set to be at the low end of its range of 3% to 6%. Vodafone shares fell 0.5% after the mobile phone giant said growth in full-year earnings was set to be at the low end of its range of 3% to 6%.
In the final three months of 2016, Vodafone said its UK revenues had fallen, citing tougher price competition in its business services division.In the final three months of 2016, Vodafone said its UK revenues had fallen, citing tougher price competition in its business services division.
On the currency markets, the pound rose 0.25% against the dollar to $1.2691, but slipped 0.1% against the euro to 1.1740 euros.