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FTSE 100 rises but pound falls to one-month dollar low | FTSE 100 rises but pound falls to one-month dollar low |
(about 5 hours later) | |
The pound continued to fall as uncertainty over Theresa May's future as prime minister hit the currency. | The pound continued to fall as uncertainty over Theresa May's future as prime minister hit the currency. |
Sterling fell to a one-month low against the dollar, hitting $1.3035 at one point. Against the euro, the pound dropped 0.6% to €1.1135. | |
Former Tory Party chairman Grant Shapps said on Friday he believed Theresa May should face a leadership election. | 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". | 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. | "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 ended the week up 14.88 points at 7,522.87. | |
British Gas owner Centrica fell 1.69% after Mrs May reiterated her position to introduce a draft bill to the House of Commons to cap some energy tariffs. | |
Shares in EasyJet had fallen 1.79% by the end of trading, 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 recovered somewhat after a fall of more than 8% earlier in the day, after Stifel cut its rating on the firm to "sell" from "hold". |