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FTSE 100 lower despite Dixons Carphone boost Pound falls on UK services survey
(about 3 hours later)
(Open): The UK market opened lower, but a well-received trading update from Dixons Carphone sent shares in the retailer higher. (Noon): The pound dropped sharply against the dollar after a closely watched survey indicates the UK's services sector slowed last month.
Dixons Carphone shares were up 1% after it said full-year profits were set to be slightly higher than previously forecast. The latest purchasing managers' index from Markit showed the services sector saw its biggest slowdown in almost four years in May.
The FTSE 100 index was down 17.61 points at 6,910.66. Sterling fell by about a cent against the dollar before recovering slightly to $1.5292.
Shares in WH Smith rose 2.9% after it reported flat like-for-like sales in the three months to 30 May. On the stock market, the FTSE 100 index was up 21.06 points at 6,949.33.
Like-for-like sales at its travel business rose 4%, but fell 4% at WH Smith's High Street stores. Supermarket shares were higher after a survey suggested that deflationary pressures on food prices were beginning to ease.
Shares in Royal Mail rose 0.7% to 527.50p. The company announced on Wednesday that Peter Long, joint chief executive of travel firm TUI, would be its next chairman. Morrisons shares rose 2.6% while Sainsbury's was 2% higher.
On the currency markets, the pound was flat against the dollar at $1.5345 and rose 0.1% against the euro to €1.3772. After rising in early trade, shares in Dixons Carphone went into reverse and were down 1.6%. The decline came despite the retailer saying its full-year profits were set to be slightly higher than previously forecast.
Shares in WH Smith rose 4.7% after it reported flat like-for-like sales in the three months to 30 May.
Like-for-like sales at its travel stores rose 4%, but fell 4% at WH Smith's High Street stores.
Shares in Royal Mail rose 0.4% to 526p. The company announced on Wednesday that Peter Long, joint chief executive of travel firm TUI, would be its next chairman.