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FTSE 100 boosted by BP and Whitbread Standard Chartered shares surge on results
(about 3 hours later)
(Open): Positive results from oil giant BP and Costa Coffee owner Whitbread helped to push the FTSE 100 higher. (Morning): Shares in Standard Chartered jumped 10% after the bank's first quarter results beat expectations.
BP was the biggest riser on the index, up 3.6%, after its first quarter results beat expectations. The Asia-focused bank reported pre-tax profits of $589m for the January to March period.
Although that was down from a $1.4bn profit a year earlier, it compared with a loss of $4.05bn in the final quarter of 2015.
Standard Chartered was the biggest riser on the FTSE 100, with the index up 26.08 points at 6,287.00.
Positive results from oil giant BP and Costa Coffee owner Whitbread also gave the FTSE 100 a lift.
BP shares rose 3.9% after its first quarter results beat expectations.
The oil company reported a $485m loss for the three months to March, but on an underlying basis it posted a better-than-expected profit of $532m.The oil company reported a $485m loss for the three months to March, but on an underlying basis it posted a better-than-expected profit of $532m.
The FTSE 100 index was up 28.93 points at 6,289.85 in early trade. Shares in Whitbread - which also owns Premier Inn hotels as well as Costa Coffee - rose 1.3% after it reported an 11.9% rise in underlying annual pre-tax profits to £546.3m.
Shares in Whitbread - the owner of the Costa Coffee chain and Premier Inn hotels - rose 3.4% after it reported an 11.9% rise in underlying annual pre-tax profits to £546.3m.
In the FTSE 250, shares in engineering company Cobham dived 20% after it announced plans for a £500m rights issue in order to cut its debt.In the FTSE 250, shares in engineering company Cobham dived 20% after it announced plans for a £500m rights issue in order to cut its debt.
Cobham also reported a 70% fall in first quarter profits to £15mCobham also reported a 70% fall in first quarter profits to £15m
On the currency markets, the pound rose 0.2% against the dollar to $1.4510, and was also 0.2% higher against the euro at €1.2873. On the currency markets, the pound rose as expectations grew that the UK would vote to remain in the EU in June's referendum. Sterling climbed 0.5% against the dollar to $1.4555, and was up 0.3% against the euro at €1.2888.