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BAT update weighs on FTSE 100 GlaxoSmithKline results lift FTSE
(about 4 hours later)
(Open): The latest update from British American Tobacco (BAT) weighed on the market in early trade. (Noon): The London market inched higher after investors gave a good reception to third-quarter results from drugs giant GlaxoSmithKline.
BAT fell 4% as it posted a 9.6% drop in revenues for the first nine months of the year after it was hit by currency movements and weak economic growth in Europe. The benchmark FTSE 100 index was up 7.47 points at 6,379.80.
BAT shares were the biggest faller on the FTSE 100, with the index down 6.57 points at 6,368.96. Shares in Glaxo jumped 3% after it reported core earnings per share of 27.9p, beating analysts' forecasts.
The FTSE 100 had jumped 1.7% on Tuesday on hopes of help for the eurozone. The company also said it would return £4bn to shareholders in 2015, and was aiming for £1bn in annual cost savings over three years.
A report from Reuters had said the European Central Bank was thinking of buying corporate bonds to try to stimulate the eurozone's economy. Until the Glaxo results came out, the FTSE had been trading lower, with the latest update from British American Tobacco (BAT) weighing on the market.
Outside the FTSE 100, shares in Home Retail Group fell 3% as it reported a 5% drop in half-year profits to £13.5m. BAT shares were down 3.7% at 3340p after it posted a 9.6% drop in revenues for the first nine months of the year. The company has been hit by currency movements and weak economic growth in Europe.
The company also said it would cut the number of Homebase stores by a quarter by 2018. Outside the FTSE 100, shares in Home Retail Group were hit as it reported a 5% drop in half-year profits to £13.5m and said it would cut the number of Homebase stores by a quarter by 2018.
Shares in Supergroup - the company behind the Superdry fashion brand - fell 3.5%. The company announced that the former Co-operative Group boss Euan Sutherland would become its new chief executive. Home Retail Group's shares dived 6% at first, before recovering to stand down 0.5% at 174.70p.
Mr Sutherland is replacing founder Julian Dunkerton, who will taking up a new position as product and brand director. Shares in Supergroup - the company behind the Superdry fashion brand - fell 3.5% to 993p. The company announced that the former Co-operative Group boss Euan Sutherland would become its new chief executive.
On the currency markets, the pound fell 0.2% against the dollar to $1.6078 and was also down 0.2% against the euro at 1.2644 euros. Mr Sutherland is replacing founder Julian Dunkerton, who will be taking up a new position as product and brand director.
On the currency markets, the pound weakened after the release of minutes from the latest Bank of England meeting.
Analysts said the minutes indicated that the Bank's Monetary Policy Committee is some way off voting for any rate rise, with most observers now not expecting an increase until the second half of 2015.
The pound fell 0.4% against the dollar to $1.6051 and was down 0.2% against the euro at 1.2645 euros.