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Pearson leads FTSE 100 higher Pound slips after Bank minutes
(about 4 hours later)
(Open): The London market rose in early trade, helped by an upbeat trading update from publisher Pearson. (Noon): The pound slid on news that all Bank of England policymakers voted to hold rates this month, pushing back expectations of when rates will rise.
Shares in Pearson rose 3.1% after the firm - which publishes the FT - said earnings for 2014 would be at the top end of forecasts, while earnings this year were expected to rise. In recent months, Martin Weale and Ian McCafferty have voted to raise rates, but the switch means analysts no longer expect a rate rise this year.
The FTSE 100 index was up 39.41 points at 6,659.51. The pound fell 0.2% against the dollar to $1.5116 and dropped 0.42% against the euro to €1.3058.
SABMiller shares rose 2.2% after the brewing giant reported an increase in third quarter sales. The benchmark FTSE 100 index was up 44.70 points at 6,664.80 .
Investors welcomed a strong Christmas trading update from Dixons Carphone, sending the firm's shares up 1.7%. Commenting on the Bank's vote, Martin Beck, senior economic adviser to the EY Item Club, said: "Today is a confirmation that there is very little prospect of any rate hike this year with the two arch hawks of the MPC voting to maintain the status quo.
"We have been predicting that the first rate rise will come in Q1 next year, but that could now be even later."
On the stock market, Pearson shares rose 4.6% after the firm - which publishes the FT - said earnings for 2014 would be at the top end of forecasts, while earnings this year were expected to rise.
SABMiller shares rose 1.6% after the brewing giant reported an increase in third quarter sales.
Shares in Dixons Carphone made a strong start to the day following its latest update, but then gave up some of their early gains to be 0.8% higher by lunchtime.
The company reported a 7% in like-for-like sales in the nine weeks to 3 January, and now expects to report full-year pre-tax profits of £355m to £375m, above its previous forecast of £354m.The company reported a 7% in like-for-like sales in the nine weeks to 3 January, and now expects to report full-year pre-tax profits of £355m to £375m, above its previous forecast of £354m.
Shares in Sports Direct fell 4.7% after it emerged late on Tuesday that the retailer's founder, Mike Ashley, is reducing his stake in the company to 55%. Shares in Sports Direct fell 4.5% after the retailer's founder, Mike Ashley, reduced his stake in the company to 55%.
On the currency markets, the pound rose 0.13% against the dollar to $1.5164, but slipped 0.05% against the euro to €1.3107.