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FTSE falls amid market volatility FTSE closes higher on Russian action
(about 5 hours later)
(Noon): After rising 2.4% in the previous session, the FTSE 100 was trading lower on Wednesday with the index down 46.80 points at 6,285.03. (Close): London's benchmark index, the FTSE 100, closed marginally higher on Wednesday, gaining 4.65 points in late trading to close at 6336.48.
Investors' nerves have been rattled by the plunge in the rouble, which hit record lows on Tuesday despite a sharp rise in Russian interest rates. The FTSE had fallen earlier in the day, with investors concerned about the continued plunge of the rouble.
Concerns that emerging markets could be hit by the fallout from the crisis hit firms with exposure to these markets. However the index strengthened on news of the Russian central bank's pledge to provide additional capital to the country's banks, if necessary.
Shares in South African paper maker Mondi fell by 3.9%. Figures showing a rise in UK wage growth also cheered investors.
Dixons Carphone provided one bright point on the market, rising 3.8% after it reported a 30% rise in underlying half-year profits. The price of Brent Crude oil, which has been falling for weeks, recovered by almost 4% late on Wednesday, reaching $62.32 a barrel.
Shares in oil firms Tullow Oil, BP, and BG Group all rose more than 3% as a result, with Royal Dutch Shell 'B' rising by 2.9%.
Meanwhile British Airways owner IAG fell by 4%.
Dixons Carphone rose 3% after it reported a 30% rise in underlying half-year profits.
The firm, which owns the PC World and Currys chains as well as Carphone Warehouse, said its UK and Ireland business had enjoyed a "barnstorming performance".The firm, which owns the PC World and Currys chains as well as Carphone Warehouse, said its UK and Ireland business had enjoyed a "barnstorming performance".
All eyes will be on the US Federal Reserve later when it announces the results of its latest meeting.All eyes will be on the US Federal Reserve later when it announces the results of its latest meeting.
There is speculation that the US central bank will end its commitment to keep interest rates low for a "considerable period", suggesting a rate rise is moving closer.There is speculation that the US central bank will end its commitment to keep interest rates low for a "considerable period", suggesting a rate rise is moving closer.
On the currency markets, the pound fell 0.12% against the dollar to $1.5730 and rose 0.3% against the euro to €1.2624. On the currency markets, the pound fell 0.55% against the dollar to $1.5664 and rose 0.16% against the euro to €1.2609.