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Price war fears hit BT shares Mining shares weigh on FTSE 100
(about 2 hours later)
(Noon): Despite reporting an increase in second quarter profits, shares in BT Group fell 3% as investors worried it could get drawn into a price war. (Close): The FTSE 100 recovered from early losses to close 9 points higher.
Miners were the session's big losers. Randgold Resources tumbled 6%, Fresnillo fell 4.5% and Anglo American closed 2.7% lower.
Wealth management group St James's Place jumped 3.6% after strong results.
Despite reporting an increase in second quarter profits, shares in BT Group fell 2% as investors worried it could get drawn into a price war.
Second quarter profits rose 13% to £563m, with revenues from BT's consumer business up 7%.Second quarter profits rose 13% to £563m, with revenues from BT's consumer business up 7%.
BT has taken on BSkyB by winning rights to Premier League matches, but there are concerns over the impact of increasing competition between the two.BT has taken on BSkyB by winning rights to Premier League matches, but there are concerns over the impact of increasing competition between the two.
The FTSE 100 index was down 64.08 points, or 1%, at 6,389.79. Barclays rose 0.9% after it reported pre-tax profits of £3.72bn for the first nine months of the year, up from £2.85bn a year earlier.
Mining firms weighed on the index as a rise in the value of the dollar pushed down the price of commodities. Randgold Resources fell 3.3% and Fresnillo dropped 3.2%
Barclays rose 1.1% after it reported pre-tax profits of £3.72bn for the first nine months of the year, up from £2.85bn a year earlier.
The bank has also set aside £500m to cover the potential costs of an investigation into currency trading. Barclays is among several banks being probed over alleged rigging of currency markets.The bank has also set aside £500m to cover the potential costs of an investigation into currency trading. Barclays is among several banks being probed over alleged rigging of currency markets.
Royal Dutch Shell A and B shares fell more than 1% after its latest quarterly results. In the FTSE 250, transport group National Express rose 4.7% after it said pre-tax profits in the third quarter were nearly 15% higher than a year earlier.
The oil giant reported third quarter profits of $5.3bn, and also said it had appointed former Bank of America and DuPont chair Charles Holliday as its new chairman. On the currency markets, the pound recovered from early losses to close a touch higher against the dollar at 1.60250.
In the FTSE 250, transport group National Express rose 3.2% after it said pre-tax profits in the third quarter were nearly 15% higher than a year earlier. Against the euro, the pound rose 0.2% to €1.2701.
On the currency markets, the pound fell 0.18% against the dollar to $1.5985. The dollar had been boosted after comments from the US Federal Reserve on Wednesday hinted that it was more confident about the state of the US labour market.
Against the euro, the pound rose 0.3% to €1.2709.