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Pound hit by UK services survey Pound hit by UK services survey
(about 4 hours later)
(Noon): The pound pulled back from a near seven-year euro high after a survey indicated that growth in the UK's service sector slowed last month. (Close): The pound pulled back from a near seven-year euro high after a survey indicated that growth in the UK's service sector slowed last month.
The Markit/CIPS UK services Purchasing Managers' Index (PMI) fell to 56.7, from 57.2 in January.The Markit/CIPS UK services Purchasing Managers' Index (PMI) fell to 56.7, from 57.2 in January.
The figure was below forecasts, but a reading above 50 indicates expansion and Markit said it showed the sector was continuing to see strong growth.The figure was below forecasts, but a reading above 50 indicates expansion and Markit said it showed the sector was continuing to see strong growth.
The pound had climbed above €1.38 at one point, but then fell back. The pound had climbed above €1.38 at one point, but fell back to €1.3787.
The weaker-than-expected PMI survey pulled the pound back to €1.3783. Against the dollar, the pound was down 0.1% at $1.5342. Against the dollar, the pound was down 0.62% at $1.52680.
The FTSE 100 lost momentum as the morning progressed, and was down 20.93 points at 6,868.20. The FTSE 100 recovered from momentum lost in the morning, and ended the day up 30.11 points at 6,919.24.
Shares in Fresnillo led the index lower, dropping 4.8% after it reported a 40% drop in annual profits to $251.1m. The precious metals miner has been affected by the fall in gold and silver prices. Fresnillo was the biggest faller, dropping more than 8% after it reported a 40% drop in annual profits to $251.1m. The precious metals miner has been affected by the fall in gold and silver prices.
Legal & General reported a 10% rise in operating profits for 2014, but this fell short of expectations and its shares dropped 3.6%.Legal & General reported a 10% rise in operating profits for 2014, but this fell short of expectations and its shares dropped 3.6%.
ITV rose 5% after the broadcaster reported a big rise in annual profits and also announced a £250m special dividend for shareholders. ITV rose 5.7% after the broadcaster reported a big rise in annual profits and also announced a £250m special dividend for shareholders.
Standard Chartered's shares climbed 4.7%, despite it reporting a 30% drop in full-year pre-tax profits. Standard Chartered's shares climbed 5.1%, despite it reporting a 30% drop in full-year pre-tax profits.
In the FTSE 250, shares in bakery chain Greggs rose 6% after the company's full-year pre-tax profits jumped by nearly 50% to £49.7m. Revenues were up more than 5% to nearly £804m. In the FTSE 250, shares in bakery chain Greggs rose by more than 10% after the company's full-year pre-tax profits jumped by nearly 50% to £49.7m. Revenues were up more than 5% to nearly £804m.
Greggs said recent trading had been good, with sales at stores open at least a year up 6.3% in the first eight weeks of 2015.Greggs said recent trading had been good, with sales at stores open at least a year up 6.3% in the first eight weeks of 2015.