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Pound falls on UK services survey FTSE 100 closes very slightly ahead
(about 5 hours later)
(Noon): The pound dropped sharply against the dollar after a closely watched survey indicates the UK's services sector slowed last month. (Close): London's leading index of blue-chip shares, the FTSE 100 closed very slightly ahead, up by 22 points, or 0.32%, at 6,950.46.
The latest purchasing managers' index from Markit showed the services sector saw its biggest slowdown in almost four years in May.
Sterling fell by about a cent against the dollar before recovering slightly to $1.5292.
On the stock market, the FTSE 100 index was up 21.06 points at 6,949.33.
Supermarket shares were higher after a survey suggested that deflationary pressures on food prices were beginning to ease.Supermarket shares were higher after a survey suggested that deflationary pressures on food prices were beginning to ease.
Morrisons shares rose 2.6% while Sainsbury's was 2% higher. Morrisons shares rose 3.25% while Sainsbury's was 1.92% higher.
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. After rising in early trade, shares in Dixons Carphone went into reverse and were down 0.94%.
Shares in WH Smith rose 4.7% after it reported flat like-for-like sales in the three months to 30 May. 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 2.21% 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.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. Shares in Royal Mail rose 0.38% to 526p.
The company announced on Wednesday that Peter Long, joint chief executive of travel firm TUI, would be its next chairman.