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FTSE 100 falls back from record FTSE 100 surges to a fresh record high
(21 days later)
(Noon): The FTSE 100 slipped back from record highs on Monday morning, while the pound fell to a three-week low against the euro. (Close): The FTSE 100 has set an all-time high for the second consecutive trading day in a row, boosted by a strong rise in mining shares.
After closing at an all-time high on Friday, the FTSE 100 briefly set a new intraday high of 7,027.33 before falling back. The index closed up 15.16 points, or 0.22%, at 7,037.67 to mark a fresh record close following Friday's high.
In lunchtime trade, the index was down 7.34 points at 7,015.17. The FTSE has been boosted by official comments suggesting UK and US interest rate rises will be later than expected.
Worries over the general election outcome and the prospects for UK rate moves hit the value of the pound. Stronger metal prices helped to lift mining stocks, with BHP Billiton jumping 3.4% and Glencore adding 2.6%.
Sterling dropped more than a cent against the euro to €1.3693, while against the dollar the pound fell 0.3% to $1.4905. Standard Chartered was the top performer in the FTSE 100, adding 7% thanks to a positive broker note.
On the stock market, comments from analysts were behind some of the biggest moves. Cruise operator Carnival fell 2.2% after Deutsche Bank cut its rating to "hold" from "buy". The sharp jump came after JP Morgan upgraded its rating on the bank's shares to "overweight" from "neutral".
A JP Morgan note was also behind the FTSE 100's biggest faller Burberry. The designer's shares sank 2.6% after the broker cut its overall rating on the luxury good sector to "neutral" from "overweight".
Engineering firm Meggitt was another company to fall foul of a broker downgrade. Its shares dropped 1.8% after Bernstein lowered its rating to "market perform" from "outperform".Engineering firm Meggitt was another company to fall foul of a broker downgrade. Its shares dropped 1.8% after Bernstein lowered its rating to "market perform" from "outperform".
But positive comments from JP Morgan helped to lift Standard Chartered. Shares in the bank rose 6.9%, making it the top performer in the FTSE 100, after JP Morgan upgraded its rating on the shares to "overweight" from "neutral". And shares in car spares and bike retailer Halfords fell 0.3% after it appointed a top executive from McDonald's, Jill McDonald, as its new chief executive. Ms McDonald will replace Matt Davies, who is leaving Halfords to head Tesco's UK business.
Shares in car spares and bike retailer Halfords fell 1% after it appointed a top executive from McDonald's, Jill McDonald, as its new chief executive. Ms McDonald will replace Matt Davies, who is leaving Halfords to head Tesco's UK business. Worries over the general election outcome and the prospects for UK rate moves also hit the value of the pound.
Sterling dropped 1% against the euro to €1.3683, while against the dollar the pound fell 0.2% to $1.4930.