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London Market Report London Market Report
(about 3 hours later)
(Open): The market continued to lose ground on Thursday, ahead of the latest interest rate decisions from the Bank of England and European Central Bank. (Noon): The market continued to lose ground on Thursday as concerns over the situation in Ukraine persisted.
Neither bank is expected to change rates, although there is speculation the Bank of England vote could be split for the first time since July 2011. The benchmark FTSE 100 index was down 14.76 points at 6,621.40, shortly after midday.
The benchmark FTSE 100 index was down 17.47 points at 6,618.69. The world's second largest bottler of Coca-Cola drinks, Coca-Cola HBC, was the biggest faller on the index.
Shares had been hit on Wednesday by worries over the situation in Ukraine and some weak economic data. Shares in the company dropped 3.6% after it said it had seen a "sudden deterioration" in trading in Russia, which is its largest market.
Rio Tinto shares rose 1.75% after it posted a 21% rise in half-year profits, saying it had cut costs and lowered debts. The Bank of England's decision to leave interest rates on hold at 0.5% did not move the market as the outcome had been widely expected. Investors will be keeping a close eye on the minutes of the meeting - due on 20 August - to see if policymakers were split over the decision.
Shares in insurers Aviva and RSA experienced mixed fortunes after the two reported results. Aviva rose 1.7% to 498.20p after it posted a 4% rise in first-half operating profit to £1.05bn and said it was set to cut annual costs by £568m. Shares in insurers Aviva and RSA experienced mixed fortunes after the two reported results. Aviva rose 2.5% to 502p after it posted a 4% rise in first-half operating profit to £1.05bn and said it was set to cut annual costs by £568m.
RSA Insurance fell 1.9% to 435.50p, after reporting half-year pre-tax profits of £69m compared with £250m a year earlier. RSA Insurance slipped 0.1% to 433.30p, after reporting half-year pre-tax profits of £69m compared with £250m a year earlier.
The company said it was ahead of schedule in its turnaround plan. RSA's finances were hit by accounting irregularities at its Irish business last year, and by the cost of floods in the UK.The company said it was ahead of schedule in its turnaround plan. RSA's finances were hit by accounting irregularities at its Irish business last year, and by the cost of floods in the UK.
On the currency markets, the pound slipped 0.1% against the dollar to $1.6837, and was flat against the euro at 1.2595 euros. Rio Tinto shares rose 1.6% after it posted a 21% rise in half-year profits, saying it had cut costs and lowered debts.
On the currency markets, the pound was flat against the dollar at $1.6853, and was also unchanged against the euro at 1.2596 euros.