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FTSE 100 recovers as Chinese shares rise FTSE 100 loses steam as Sports Direct hit by profit warning
(about 2 hours later)
(Morning): UK shares rose, recovering some of the ground lost on Thursday amid the global sell-off. (Noon): A recovery in UK shares failed to last, while shares in retailer Sports Direct fell after it said profits would be lower than expected.
After falling 2% in the previous session, the FTSE 100 rose 39.25 points to 5,993.33. After dropping 2% in the previous session amid a global sell-off triggered by worries over China, the FTSE 100 rose at first, but then lost momentum.
China's main stock index rose 2% on Friday, the first day since the suspension of the circuit breaker. Shortly before midday the index was down 0.77 points at 5,953.31.
The circuit breaker had been brought in to try to reduce volatility, but it was blamed for fuelling selling pressure and was then suspended by authorities. Sports Direct shares fell 3.9% to 492p after it warned on profits.
The recovery in Chinese stocks helped to calm markets across Europe, with Germany's Dax index up 0.6% and France's Cac 40 index 0.4% higher. The retailer said that since its interim results on 10 December, it had "seen a deterioration of trading conditions on the High Street and a continuation of the unseasonal weather over the key Christmas period".
In London, shares in Tesco rose 5.4% to 146.70p after Barclays upgraded its rating on the stock to "overweight" from "equal weight". It added that it also expected similar trading conditions between now and the end of April.
Oil shares were under pressure, with Royal Dutch Shell up 1.5% and BP 0.9% higher. As a result, it says it is "no longer confident" that it will meet its full-year underlying earnings target of £420m, and now expects earnings to be between £380m and £420m.
On the currency markets, the pound rose by four-fifths of a cent against the euro to €1.3452, but was barely unchanged against the dollar at $1.4626. Shares in Tesco were having a better day, rising 4.5% to 145.40p after Barclays upgraded its rating on the stock to "overweight" from "equal weight".
On the currency markets, the pound rose by three-fifths of a cent against the euro to €1.3429, but was down one-fifth of a cent against the dollar at $1.4598.