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FTSE 100 claws back early falls | |
(about 7 hours later) | |
(Close): The FTSE 100 clawed back its early falls as gains in mining stocks outweighed losses among banks. | |
Lloyds shares fell more than 2% after it reported a fall in first-quarter profits, and ended the day down 1.6% | |
Pre-tax profits at Lloyds nearly halved to £654m after it took a £790m charge related to high income bonds. | |
The mining giant Anglo-American rose 8% after it said it had agreed the sale of its niobium and phosphates businesses to China Molybdenum for $1.5bn. | |
Tullow Oil was the best performer on the FTSE 100 rising 11% as the oil price hit new highs for 2016 for the third day in a row. | |
The Royal Bank of Scotland fell 4.4% after it said there was a "significant risk" that it would not meet the 2017 deadline to spin off the 316-branch Williams & Glyn business. | |
The day had started with falls in most European markets as investors reacted to the surprise decision from the Bank of Japan not to ease monetary policy further. | |
"The lack of action [from the Bank of Japan], perversely, proves that central bank stimulus still has the power to shock, both when it is tried and when it isn't," said Chris Beauchamp, senior market analyst at IG. | "The lack of action [from the Bank of Japan], perversely, proves that central bank stimulus still has the power to shock, both when it is tried and when it isn't," said Chris Beauchamp, senior market analyst at IG. |
The FTSE 100 ended just 2.5 points higher at 6322.40. | |
On the currency markets, the pound edged up 0.4% against the dollar to $1.4597, and 0.25% against the euro to €1.2876. |