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FTSE 100 rises with Kingfisher shares lifted by revamp progress FTSE 100 rises with Kingfisher shares lifted by revamp progress
(about 4 hours later)
(Noon): The FTSE 100 recovered from early losses, with B&Q owner Kingfisher higher after it said it was proceeding with its revamp plan "at pace". (Close): The FTSE 100 recovered from early losses, with B&Q owner Kingfisher higher after it said it was proceeding with its revamp plan "at pace".
The FTSE 100 was up 12.48 points at 7,045.81 in lunchtime trade. The FTSE 100 ended the day up 7.59 points or 0.11% at 7,040.92.
Kingfisher shares rose 3.3% following its first quarter update. Like-for-like sales at B&Q dropped 1.1%, but rose 15.4% at its Screwfix chain. Kingfisher shares rose 2.2% following the firm's first-quarter update. Like-for-like sales at B&Q dropped 1.1%, but rose 15.4% at its Screwfix chain.
In March, Kingfisher said it would close 60 B&Q stores in the next two years and expand the Screwfix chain.In March, Kingfisher said it would close 60 B&Q stores in the next two years and expand the Screwfix chain.
"The first quarterly update has shown some signs of progress," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers."The first quarterly update has shown some signs of progress," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers.
Sports Direct was the biggest riser on the index, rising 4.25% after the retailer said full-year pre-tax profits and earnings per share were set to be ahead of analysts' expectations. Sports Direct was the biggest riser on the index, rising 4.2% after the retailer said full-year pre-tax profits and earnings per share were set to be ahead of analysts' expectations.
Tate & Lyle shares fell 3.3% after the firm reported a fall in full-year profits and said this year's profits were expected to be flat. Tate & Lyle shares fell 2.4% after the firm reported a fall in full-year profits and said this year's profits were expected to be flat.
Shares in British Airways owner IAG were up 1.2%. The airline group said on Thursday that its €2.55 a share offer for Aer Lingus was "final and will not be increased". Shares in British Airways owner IAG were up 1.25%. The airline group said on Thursday that its €2.55 a share offer for Aer Lingus was "final and will not be increased".
Ryanair, which owns a near-30% stake in Aer Lingus, has yet to say whether it will accept the offer.Ryanair, which owns a near-30% stake in Aer Lingus, has yet to say whether it will accept the offer.
On the currency markets, the pound fell after the Office for National Statistics confirmed the UK economy grew by 0.3% in the first quarter of the year, unchanged from its initial estimate.On the currency markets, the pound fell after the Office for National Statistics confirmed the UK economy grew by 0.3% in the first quarter of the year, unchanged from its initial estimate.
Analysts had been expecting the figure to be revised up to 0.4%.Analysts had been expecting the figure to be revised up to 0.4%.
The pound fell 0.5% against the dollar to $1.5274, and dropped 0.65% against the euro to €1.3988. The pound fell 0.5% against the dollar to $1.5282 and dropped 0.5% against the euro to €1.4008.