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Swiss currency move stuns markets Markets stunned by Swiss currency move
(4 months later)
(Close): A surprise move by the Swiss National Bank to scrap its 1.20 per euro cap on the Swiss franc led to big moves in currencies and shares.(Close): A surprise move by the Swiss National Bank to scrap its 1.20 per euro cap on the Swiss franc led to big moves in currencies and shares.
The FTSE 100 initially fell sharply, but closed up 110.32 points, or 1.7%, at 6498.78. The main markets in Paris and Frankfurt rose more than 2%.The FTSE 100 initially fell sharply, but closed up 110.32 points, or 1.7%, at 6498.78. The main markets in Paris and Frankfurt rose more than 2%.
Miners recovered some lost ground after Wednesday's falls, with Randgold up 6.36% and BHP Billiton climbing 4.93%.Miners recovered some lost ground after Wednesday's falls, with Randgold up 6.36% and BHP Billiton climbing 4.93%.
The pound fell more than 12% against the Swiss franc to 1.3625 francs.The pound fell more than 12% against the Swiss franc to 1.3625 francs.
Against the euro the pound rose 1.3% to €1.30670, but fell 0.4% against the dollar to $1.5157.Against the euro the pound rose 1.3% to €1.30670, but fell 0.4% against the dollar to $1.5157.
Tullow Oil fell 0.84% after announcing write-downs and cuts to its exploration budget.Tullow Oil fell 0.84% after announcing write-downs and cuts to its exploration budget.
AB Foods rose 3.67% after its full-year earnings report showed a strong performance by its Primark retail fashion chain.AB Foods rose 3.67% after its full-year earnings report showed a strong performance by its Primark retail fashion chain.
But Home Retail Group, which owns Homebase and Argos, was one of the big fallers on the FTSE 250. Its shares fell 6% after the group failed to meet analysts' expectations, despite reporting a 45% jump in sales at Argos on Black Friday.But Home Retail Group, which owns Homebase and Argos, was one of the big fallers on the FTSE 250. Its shares fell 6% after the group failed to meet analysts' expectations, despite reporting a 45% jump in sales at Argos on Black Friday.