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RBS and miners drag down FTSE 100 FTSE 100 posts best day for three weeks
(about 5 hours later)
(Noon): London shares were lower at midday on Wednesday, with RBS among the biggest fallers. (Close): The London market closed at its highest level since January 6 as oil prices ended above $32 a barrel.
The bank, which is 73% government-owned, was down 3.4% after announcing a series of write-offs that will knock £2.5bn off annual profits, which will push it into a 2015 loss. The FTSE 100 index closed up 1.3%, or 78.9 points, at 5,990.3.
The FTSE 100 index was down 30.0 points, or 0.51%, at 5,881.5. Royal Bank of Scotland was among the biggest fallers, down 2% to 255.7p, after announcing a series of write-offs that see it post a loss for 2015.
Mining shares also fell, with Anglo American down 5.2% and BHP Billiton and Antofagasta both down 3.5%. Luxury goods firm Burberry was also down as investors remained nervous about the Chinese economy.
The top gainer was Sage, which rose 4.4% after this morning's trading statement. Burberry, which makes almost a third of its profits in China, fell 1,7%p to £11.90.
On the currency markets, the pound was down by two fifths of a cent against the dollar at $1.4308, and it fell half a cent against the euro to €1.3157. ARM Holdings, which makes chips for the iPhone, slipped 1.9% to 995.5p following disappointing results from Apple overnight.
The top riser was software firm Sage, which rose 7.5% after posting strong results this morning.
On the currency markets, the pound fell slightly against the dollar to $1.4248 and was down 0.7% against the euro to €1.3113.