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Pound at four-week euro high FTSE 100 pauses for breath after Monday's strong rise
(about 4 hours later)
(Noon): The pound hit a four-week high against the euro as the single currency weakened on Tuesday. (Close): The FTSE 100 paused for breath after Monday's 115-point gain, closing up 9.2 points, or 0.13%, at 6,834.9.
The pound jumped by 0.85%, or more than one euro cent, to €1.4072, although against the dollar the pound was down 0.26% at $1.5783. However, the FTSE was lagging gains elsewhere, with Germany's Dax up 0.72% and and France's Cac 40 1.18% better.
On the stock market, the FTSE 100 was 16.93 points higher at 6,842.60, adding to the sharp gains seen on Monday. Sports Direct was the FTSE 100's main riser, up 3% after a broker upgrade. Bunzl, down 2%, was the biggest faller on worries about trading.
However, the FTSE was lagging gains elsewhere, with Germany's Dax and France's Cac 40 both up more than 1%. The pound rose 0.87%, or more than one euro cent, to €1.4075, but against the dollar it was down 0.64% at $1.5723.
Shares in business supplies distributor Bunzl dropped 1.6% - the biggest faller in the FTSE 100 - after it said organic revenue growth had slowed in the first half of its financial year. On the stock markets, the most eye-catching move was in the FTSE 250, where shares in Ladbrokes jumped 14.66% after it said it was in merger talks with Gala Coral.
Bunzl also announced it had bought four businesses in the US, Colombia, Canada and France.
However, the most eye-catching move was in the FTSE 250, where shares in Ladbrokes jumped 16% after it said it was in merger talks with Gala Coral.