Sterling reverses gains as FTSE 100 rises

Traders in London Image copyright AFP

The pound reversed earlier gains and by midday is trading 0.13% lower against the dollar.

Sterling is down at $1.2737 but the FTSE 100 maintained its momentum to rise 40.46 points at 7,540.9.

British Gas-owner Centrica has replaced the housebuilders to lead the index's biggest risers.

Its share price increased by 2.84% to 202.6p and was closely followed by gold and silver miner Fresnillo which added 43.00p to £16.84.

Ashtead Group, the industrial tool hire company, remained the biggest faller, shedding 1.8% to £15.70.

The FTSE 250 added 148.10 points to rise to 20,007.64.

The risers were led by Acacia Mining, up 8.70% to 296p despite political tensions in its key market Tanzania where the government is attempting to reform the mining industry.