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Results boost for FTSE 100 Pound hit by UK services survey
(about 4 hours later)
(Open): The FTSE 100 rises, helped by well-received results from Standard Chartered and broadcaster ITV. (Noon): The pound pulled back from a near seven-year euro high after a survey indicated that growth in the UK's service sector slowed last month.
The FTSE 100 rose 10.69 points to 6,899.82, with Standard Chartered leading the way. The Markit/CIPS UK services Purchasing Managers' Index (PMI) fell to 56.7, from 57.2 in January.
Standard Chartered's shares rose 5.6%, despite it reporting a 30% drop in full-year pre-tax profits. The figure was below forecasts, but a reading above 50 indicates expansion and Markit said it showed the sector was continuing to see strong growth.
ITV rose 4.9% after the broadcaster reported a big rise in annual profits and also announced a £250m special dividend for shareholders. The pound had climbed above €1.38 at one point, but then fell back.
Shares in bakery chain Greggs rose 2.2% after the company's full-year pre-tax profits jumped by nearly 50% to £49.7m. Revenues were up more than 5% to nearly £804m. The weaker-than-expected PMI survey pulled the pound back to €1.3783. Against the dollar, the pound was down 0.1% at $1.5342.
The FTSE 100 lost momentum as the morning progressed, and was down 20.93 points at 6,868.20.
Shares in Fresnillo led the index lower, dropping 4.8% after it reported a 40% drop in annual profits to $251.1m. The precious metals miner has been affected by the fall in gold and silver prices.
Legal & General reported a 10% rise in operating profits for 2014, but this fell short of expectations and its shares dropped 3.6%.
ITV rose 5% after the broadcaster reported a big rise in annual profits and also announced a £250m special dividend for shareholders.
Standard Chartered's shares climbed 4.7%, despite it reporting a 30% drop in full-year pre-tax profits.
In the FTSE 250, shares in bakery chain Greggs rose 6% after the company's full-year pre-tax profits jumped by nearly 50% to £49.7m. Revenues were up more than 5% to nearly £804m.
Greggs said recent trading had been good, with sales at stores open at least a year up 6.3% in the first eight weeks of 2015.Greggs said recent trading had been good, with sales at stores open at least a year up 6.3% in the first eight weeks of 2015.
Shares in Fresnillo fell 4.4% after the precious metals miner reported a 40% drop in annual profits to $251.1m. The miner has been affected by the fall in gold and silver prices.
Legal & General reported a 10% rise in operating profits for 2014, but this fell short of expectations and its shares dropped 2.6%.
On the currency markets, the pound was flat against the dollar at $1.5357, but rose 0.37% against the euro to €1.3795.