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FTSE 100 higher despite Barclays fall FTSE 100 higher despite Barclays fall
(about 4 hours later)
(Open): The London market opened higher, but shares in Barclays fell after the bank's latest results. (Noon): The London market rose, boosted by news of a potential counterbid for the London Stock Exchange, but Barclays fell after its latest results.
Barclays shares were down more than 7% after the bank reported a fall in profits and said it would cut its dividend by more than half next year. Barclays shares were down nearly 10% after the bank reported a fall in profits and said it would cut its dividend by more than half next year.
It also announced plans to restructure, including a reduction of its stake in its Africa business.It also announced plans to restructure, including a reduction of its stake in its Africa business.
The FTSE 100 index was up 11.43 points at 6108.52, with shares in the London Stock Exchange (LSE) rising 7%. Despite this, the FTSE 100 index was up 45.52 points at 6,142.61.
The LSE's shares were boosted by news that it could be the subject of a bidding war. Last week, the LSE announced plans to merge with Deutsche Bourse. Shares in the London Stock Exchange (LSE) rose 8.3% after the owner of the New York Stock Exchange, Intercontinental Exchange, said it was considering making an offer for the LSE.
However, the exchange and clearing house operator Intercontinental Exchange has now said that it is considering making an offer for the LSE. This could scupper plans announced last week for the LSE to merge with Deutsche Bourse.
On the currency markets, the pound rose 0.3% against the dollar to $1.3953, and was also 0.3% higher against the euro at €1.2832. Shares in equipment rentals company Ashtead Group sank 12%. The company reported a 20% rise in nine month pre-tax profit to £482m, but investors were concerned about its prospects in the US.
In the FTSE 250, shares in Greggs jumped nearly 14% after the bakery chain reported a 25% rise in annual profits. It also announced plans for a £100m restructuring programme which will lead to the closure of three bakeries.
On the currency markets, the pound rose 0.6% against the dollar to $1.3993, and was also 0.6% higher against the euro at €1.2868.