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Standard Chartered shares surge on results | |
(about 3 hours later) | |
(Morning): Shares in Standard Chartered jumped 10% after the bank's 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. |
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. | |
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 £15m | Cobham also reported a 70% fall in first quarter profits to £15m |
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. |