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London Market Report | London Market Report |
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(Noon): Shares in Argos and Homebase owner Home Retail Group had a mixed morning after the firm posted a strong increase in sales. | |
After rising at one point, the shares then fell back to stand down 2.3%, despite the group saying it had seen an "encouraging" start to the year. | |
Underlying sales at Argos rose 4.9% in the 13 weeks to 31 May, while Homebase enjoyed a 7.9% sales increase. | |
The benchmark FTSE 100 index was up 2.98 points at 6,841.85. | |
Mining shares were among the biggest fallers over worries about the strength of China's economy, which is the world's biggest consumer of metals. | Mining shares were among the biggest fallers over worries about the strength of China's economy, which is the world's biggest consumer of metals. |
Anglo American shares were down 3.5% and Rio Tinto dropped 3%. | |
Airlines were having another tough day. Shares in the sector had fallen on Wednesday following news of a profit warning from Germany's Lufthansa, and they took another hit after gloomy news from Aer Lingus. | Airlines were having another tough day. Shares in the sector had fallen on Wednesday following news of a profit warning from Germany's Lufthansa, and they took another hit after gloomy news from Aer Lingus. |
The Irish airline warned its annual operating profits were likely to be 10-20% lower than last year following strike action by cabin crew. | The Irish airline warned its annual operating profits were likely to be 10-20% lower than last year following strike action by cabin crew. |
Shares in British Airways owner IAG fell a further 1.9%. | |
On the currency markets, the pound rose 0.2% against the dollar to $1.6825 and climbed 0.3% against the euro to 1.2440 euros. |