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FTSE 100 slips as pound steadies

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Sterling rose in early trade, regaining some of the ground lost last week when it had hit a one-month dollar low.The pound had been hit by uncertainty over Theresa May’s future following the prime minister’s mishap-strewn speech at the Conservative Party conference.However, as trading got under way for the week, the pound rose 0.4% against the dollar to $1.3119. It was also up 0.4% against the euro at €1.1189.The FTSE 100 share index fell 3.29 points to 7,519.58.Shares in Smith & Nephew were the biggest fallers on the index, down 1.3%, after the medical devices maker said its chief executive, Olivier Bohuon, intended to retire by the end of 2018.In the FTSE 250, shares in hotels group Millennium & Copthorne jumped nearly 22% after Singapore’s City Developments offered to buy the remaining shares in M&C that it does not already own.City Developments already controls about 65% of M&C. The offer values the hotels group at about £1.8bn.
Source: BBC Regional