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FTSE 100 lower despite RSA Insurance boost FTSE 100 lower as Centrica shares fall
(about 4 hours later)
Shares in RSA and Barclays were among the top risers in early trade, but overall the market was lower on a busy day for UK corporate earnings. The UK market was lower shortly before midday, with Centrica among the biggest fallers following its latest results.
The FTSE 100 index was down 13.64 points at 7,288.61, with a number of firms falling after going ex-dividend. Centrica's shares were down 3.2%. The group reported a 4% rise in annual profits, but its British Gas domestic business saw profits fall 11%.
Centrica also weighed on the market, dropping 3%. Annual profits at the group rose 4%, but its British Gas domestic business saw profits fall 11%. The FTSE 100 index was down 8.15 points at 7,294.10, with a number of firms falling after going ex-dividend.
RSA Insurance shares rose 4.7% after its full-year results beat forecasts. Easyjet, Rio Tinto and HSBC were all down after trading began without the right to their latest dividend.
RSA Insurance was one of the biggest risers on the FTSE, up 5.8% after its full-year results beat forecasts.
The insurer reported operating profits of £655m, up 25% from the year before.The insurer reported operating profits of £655m, up 25% from the year before.
Shares in Barclays rose more than 2% after the bank reported a near trebling of full-year profits to £3.2bn. The recent rebound in commodity prices has helped to lift profits at Glencore. The commodities miner and trader said underlying earnings rose 18% last year to $10.3bn, and added that its net debt had fallen by 40% to $15.5bn by the end of 2016.
BAE Systems rose 1.6% after the company reported annual operating profits of £1.74bn for 2016, up from £1.5bn. Shares in Barclays rose 1.5% after the bank reported a near trebling of full-year profits to £3.2bn.
BAE Systems rose 1.5% after the company reported annual operating profits of £1.74bn for 2016, up from £1.5bn.
"With an improved outlook for defence budgets in a number of our markets, we are well placed to continue to generate attractive returns for shareholders," said chief executive Ian King."With an improved outlook for defence budgets in a number of our markets, we are well placed to continue to generate attractive returns for shareholders," said chief executive Ian King.
On the currency markets, the pound rose 0.2% against the US dollar to $1.2470 and edged 0.1% higher against the euro to 1.1806 euros. On the currency markets, the pound rose 0.3% against the US dollar to $1.2487 and climbed 0.25% against the euro to 1.1824 euros.