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FTSE 100 Gives Up Early Gains

U.K. shares gave up earlier gains to turn lower on Thursday as the pound climbed against its major rivals after the release of upbeat retail sales data.

Retail sales volume, including auto fuel, expanded 1.6 percent month-on-month in April, in contrast to a 1.1 percent fall in March, official data showed. Sales were forecast to climb 0.9 percent.

Excluding auto fuel, retail sales volume increased 1.3 percent, reversing a 0.5 percent drop in March.

The benchmark FTSE 100 was marginally lower at 7,781 in late opening deals after closing 1.1 percent lower on Wednesday.

Miners traded modestly higher while energy major Tullow Oil lost 1 percent.

Gambling firm Paddy Power Betfair rallied 3.5 percent after it agreed to merge with the U.S. fantasy sports company FanDuel.

Daily Mail And General Trust slumped 5.6 percent after the publisher of the Daily Mail issued a cautious outlook.

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