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Barclays and Glencore hit FTSE | |
(about 4 hours later) | |
(Noon): After a bright start to the day the market lost momentum, with disappointing results from Barclays and Glencore weighing on the index. | |
Shortly after midday the FTSE 100 was down 5.52 points at 6,935.12. | |
Barclays fell 3.3% after it posted a 21% fall in profits and set aside another £750m to cover fallout from a probe into currency manipulation. | |
Glencore shares fell 2.4% after the mining giant reported a 7% fall in net profit to $2.31bn. | |
The company also took a $1.1bn charge as a result of lower commodity prices. | |
Shares in Tullow Oil rebounded 4% after dropping nearly 8% on Monday when they were hit by concerns that a boundary dispute between Ivory Coast and Ghana could delay one of its projects. | |
In the FTSE 250, shares in Pace jumped 8.8% after the set-top box maker forecast better-than-expected revenues of $2.75bn for 2015. | |
On the currency markets, the pound was flat against the dollar at $1.5369, but was up 0.24% against the euro at €1.3772. |