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Sterling slides as UK inflation turns negative Shares in London notch modest gains
(about 5 hours later)
(Noon): The pound fell on the currency markets after the main UK inflation measure turned negative for the first time since 1960. (Close): There were modest gains for shares in London despite a report showing UK inflation turned negative for the first time since 1960.
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 closed 0.38% higher at 6,995.10.
Europe's biggest bottler of Coca-cola products, Coca-Cola HBC was the biggest riser, closing 4.3% higher, helped by positive comments from analysts at Barclays.
Land Securities was also one of the big winners, closing almost 4% higher.
The property developer announced a 3.7% increase in its dividend and said it had seen a sharp increase in demand for commercial property.
"Land Securities numbers were good and highlight that the office space market will continue to improve with a further pick-up in the economy. The company will benefit from a rise in the rental demand," Securequity trader Jawaid Afsar said.
Vodafone shares dropped 2.7% even though it reported a 0.1% rise in fourth-quarter revenue following 10 quarters of declines.
In economic news, 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 pound dropped more than a cent against the dollar to $1.5510.The pound dropped more than a cent against the dollar to $1.5510.
Sterling had risen earlier against the euro, but the pound then fell back to trade at €1.3844. But sterling rose against the euro to trade at €1.39120, up 0.55%.
On the stock market, the FTSE 100 index was up 23.41 points at 6,992.28.
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.