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FTSE 100 rises but pound falls to one-month dollar low | |
(about 4 hours later) | |
The pound continued to fall as uncertainty over Theresa May's future as prime minister hit the currency. | |
Sterling fell to one-month low against the dollar, hitting $1.3052 at one point. Against the euro, the pound dropped 0.4% to €1.1160. | |
Former Tory Party chairman Grant Shapps said on Friday he believed Theresa May should face a leadership election. | |
Connor Campbell at Spreadex said a leadership battle would be "seriously bruising for the pound". | |
"While on Thursday there was a web of reasons why the pound was driven lower, this Friday's decline seems to have a more singular reason behind it: Tory infighting," he said. | |
On the stock market, the FTSE 100 share index was up 9.30 points at 7,517.29 shortly after midday. | |
Shares in EasyJet fell nearly 3% despite the airline saying its full-year profits would be at the upper end of forecasts. | |
It expects to report profits of between £405m and £410m for the year to 30 September. The carrier described this as "a good performance" in a "rapidly evolving" market. | It expects to report profits of between £405m and £410m for the year to 30 September. The carrier described this as "a good performance" in a "rapidly evolving" market. |
In the FTSE 250, shares in precision equipment maker Renishaw fell more than 8% after Stifel cut its rating on the firm to "sell" from "hold". |