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Pound jumps on strong retail figures Pound jumps on strong retail figures
(about 4 hours later)
(Noon): The pound jumped by more than a cent against the dollar after strong retail sales figures eased fears that the economy could be losing momentum. (Close): The pound jumped by more than a cent against the dollar after strong retail sales figures eased fears that the economy could be losing momentum.
Sales volumes jumped 1.2% in April after warmer weather encouraged shoppers to snap up summer clothes.Sales volumes jumped 1.2% in April after warmer weather encouraged shoppers to snap up summer clothes.
The pound jumped 1% against the dollar to $1.5686, and was 0.38% higher against the euro at €1.4052. The pound jumped 1% against the dollar to $1.5686, and was 0.67% higher against the euro at €1.4093.
Martin Beck, senior economic adviser to the EY Item Club, said April's sales figures were "no flash in the pan".Martin Beck, senior economic adviser to the EY Item Club, said April's sales figures were "no flash in the pan".
"After a lengthy squeeze on household incomes, UK consumers are clearly enjoying the freedom afforded by falling prices on the High Street and accelerating wage growth," he said."After a lengthy squeeze on household incomes, UK consumers are clearly enjoying the freedom afforded by falling prices on the High Street and accelerating wage growth," he said.
"We expect these factors to remain in place throughout the year, ensuring that consumer spending continues to offer strong support to GDP growth.""We expect these factors to remain in place throughout the year, ensuring that consumer spending continues to offer strong support to GDP growth."
On the stock market, the FTSE 100 index fell 5.14 points to 7,002.12. On the stock market, the FTSE 100 index was very slightly ahead at close, up 6.21%, or 0.09%, at 7,013.47.
Earlier, mining shares had pushed the market higher, after weak factory data from China raised hopes of more stimulus measures from the government.Earlier, mining shares had pushed the market higher, after weak factory data from China raised hopes of more stimulus measures from the government.
China is the world's largest importer of raw materials, and among the mining firms shares in BHP Billiton rose 1.5% while Anglo American was 0.5% higher. China is the world's largest importer of raw materials, and among the mining firms shares in BHP Billiton rose 0.64%.
Royal Mail shares slipped 0.2% to 498.80p after its latest results. Underlying operating profits rose 6% to £740m. Royal Mail shares were virtually unchanged at £5 after its latest results. Underlying operating profits rose 6% to £740m.
In the FTSE 250, shares in cash and carry firm Booker jumped 10% after it announced it was buying convenience store chains Londis and Budgens. In the FTSE 250, shares in cash and carry firm Booker jumped 11.84% after it announced it was buying convenience store chains Londis and Budgens.
Booker is paying £40m to buy the chains from Irish food wholesaler Musgrave Group.Booker is paying £40m to buy the chains from Irish food wholesaler Musgrave Group.