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Energy shares weigh on FTSE 100 | |
(about 3 hours later) | |
(Noon): The FTSE 100 was struggling to make headway as falling oil prices pushed shares in energy firms lower. | |
The price of Brent crude fell to a four-year low, below $76 a barrel, with traders speculating that producer cartel Opec will not announce any output cuts at their meeting later. | |
Shares in oil giant BP were down 0.5% and BG Group dropped 1.6%. | |
After a mixed morning, the benchmark FTSE 100 index was up 4.24 points at 6,733.41. | |
In the FTSE 250, shares in transport group Stagecoach jumped 7.5% after the company's joint venture with Virgin was awarded the franchise to run the East Coast mainline rail route. | |
The consortium - which is 90% owned by Stagecoach - will pay the government around £3.3bn for the contract. | The consortium - which is 90% owned by Stagecoach - will pay the government around £3.3bn for the contract. |
Shares in FirstGroup - one of the unsuccessful bidders for the rail franchise - fell more than 5% at first, but then recovered to stand unchanged on the day at 108p. | |
Poundland shares rose 2.8% after the retailer reported a 12% rise in half-year profits, with like-for-like sales up 4.7%. | |
On the currency markets, the pound fell 0.16% against the dollar to $1.5767 and was unchanged against the euro at €1.2629. |