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FTSE 100 higher despite drop in Vodafone shares Sterling slides as UK inflation turns negative
(about 3 hours later)
(Open): The FTSE 100 rose in early trade, but shares in Vodafone fell despite the mobile phone network reporting a rise in quarterly sales. (Noon): The pound fell on the currency markets after the main UK inflation measure turned negative for the first time since 1960.
Vodafone shares dropped 1.7% even though it reported a 0.1% rise in fourth-quarter organic service revenue followed 10 quarters of declines. CPI inflation fell to -0.1% in April, and the pound dropped as markets saw the prospect of any interest rate rise being pushed further into the future.
The FTSE 100 index was up 36.77 points at 7,005.64. The pound dropped more than a cent against the dollar to $1.5510.
Land Securities was the biggest riser on the index, up 2.3%, and pharmaceuticals firm Shire added 2.2%. Sterling had risen earlier against the euro, but the pound then fell back to trade at €1.3844.
Outside the top 100 firms, shares in Moneysupermarket fell nearly 7% after its founder, Simon Nixon, sold 20 million shares, which represents about 3.7% of the issued share capital. On the stock market, the FTSE 100 index was up 23.41 points at 6,992.28.
On the currency markets, the pound fell 0.2% against the dollar to $1.5624, but rose nearly 1% against the euro to €1.3968. Land Securities was the biggest riser on the index, up nearly 3%, after the property developer announced a 3.7% increase in its dividend. The company said it had seen a sharp increase in demand for commercial property.
Vodafone shares dropped 2.7% even though it reported a 0.1% rise in fourth-quarter organic service revenue following 10 quarters of declines.