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FTSE 100 rises but Tesco loses early gains FTSE 100 looks to recover lost ground
(about 4 hours later)
UK shares were higher in morning trade but an early rally in Tesco shares quickly fizzled out. The UK's benchmark share index headed higher on Friday as it looked to recover some of the ground lost from four consecutive days of falls.
Shares in Tesco had jumped 2% initially after the supermarket giant's first-quarter sales growth beat expectations, but then gave up all the gains to stand 0.6% lower. The FTSE 100 share index was up 45.24 points, or 0.6%, at 7,464.60 shortly after midday.
Gains were broad-based, with Worldpay Group, travel firm Tui and Rentokil Initial among the top risers.
Tesco shares had jumped 2% initially after its first-quarter sales growth beat expectations.
The retailer said like-for-like sales rose by 2.3% in the three months to 27 May, boosted by demand for fresh food.The retailer said like-for-like sales rose by 2.3% in the three months to 27 May, boosted by demand for fresh food.
The FTSE 100 share index was up 19.54 points at 7,438.90. However, Tesco's shares quickly fell back, and were down 0.1% at 179.80p by lunchtime.
Shares in Rolls-Royce rose 0.9% after the engineering group said it had made a good start to 2017, with "all businesses performing in line with expectations". Shares in Rolls-Royce rose 1.6% after the engineering group said it had made a good start to 2017, with "all businesses performing in line with expectations".
The company also revealed that the weakness of the pound was set to lift revenues by £400m and profits by £50m. The drop in the value of the pound since the Brexit vote means that Rolls-Royce's dollar earnings are worth more when converted back into sterling.The company also revealed that the weakness of the pound was set to lift revenues by £400m and profits by £50m. The drop in the value of the pound since the Brexit vote means that Rolls-Royce's dollar earnings are worth more when converted back into sterling.
On the currency markets, the pound edged up 0.1% against the dollar to $1.2773, but slipped 0.1% against the euro to 1.1432 euros. On the currency markets, the pound edged up 0.1% against the dollar to $1.2770, but slipped 0.1% against the euro to 1.1429 euros.