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FTSE 100 stages modest recovery FTSE 100 rebounds despite weak data from China
(about 4 hours later)
(Open): UK shares opened higher, recovering some of the ground lost in the previous session. (Noon): UK shares rose, recovering some of the ground lost on Tuesday, despite further signs of weakness in China's manufacturing sector.
On Tuesday, the FTSE 100 fell 2.8% as commodity-related shares were hit by worries over the prospects for global growth. Shortly after midday the FTSE 100 was up 84.57 points at 6,020.41.
However, despite another survey suggesting continued weakness in China's manufacturing sector, UK shares staged a modest rebound. The index had fallen 2.8% in the previous session after commodity-related shares were hit by worries over the prospects for global growth.
The FTSE 100 rose 30.47 points to 5,966.31. However, investors shrugged off another survey suggesting China's manufacturing sector was continuing to contract.
Shares in Smiths Group rose 3% after the company reported full-year results and said Andrew Reynolds Smith would take over as chief executive from Friday. A similar survey for the eurozone indicated that activity among businesses in the bloc continued to expand this month, although at a slower rate than in August.
In the 12 months to 31 July, revenues at the engineering company dropped 2% to £2.89bn, while pre-tax profits rose 3% to £459m. The preliminary reading of the Markit purchasing managers' index (PMI) for the eurozone was 53.9 in September, down from 54.3 last month. A reading above 50 indicates expansion.
Shares in drinks giant Diageo edged up 0.2% to £17.20. The company said that recent currency fluctuations would cut operating profits by about £150m, but added that the financial year had begun well and "performance is in line with our expectations". British Airways owner IAG topped the FTSE 100 risers board, climbing 4.7% to 563.50p after Morgan Stanley raised its price target for the stock. The news lifted shares in Easyjet, which climbed 2.8%.
United Utilities shares rose 1% after the water firm's latest trading update. The company said its profits would be hit by about £25m after it had to pay compensation to about 300,000 households in Lancashire following the discovery of a parasitic bug in water supplies. Energy stocks were bolstered as the price of oil steadied. Shares in BP were up nearly 2%.
On the currency markets, the pound fell 0.2% against the dollar to $1.5331, and also dropped 0.2% against the euro to €1.3777. Shares in Smiths Group rose 2% after the company reported full-year results and said Andrew Reynolds Smith would take over as chief executive from Friday.
In the 12 months to 31 July, revenues at the engineering group dropped 2% to £2.89bn, but pre-tax profits rose 3% to £459m.
Drinks giant Diageo climbed 1.2%. The company said that recent currency fluctuations would cut operating profits by about £150m, but added that the financial year had begun well and "performance is in line with our expectations".
United Utilities shares rose 2% after the water firm's latest trading update. The company said its profits would be hit by about £25m after it had to pay compensation to about 300,000 households in Lancashire following the discovery of a parasitic bug in water supplies.
On the currency markets, the pound fell 0.4% against the dollar to $1.5308, and dropped 0.75% against the euro to €1.3703.