This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-36137128
The article has changed 5 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Standard Chartered shares surge on results | Standard Chartered shares surge on results |
| (35 minutes later) | |
| (Noon): Shares in Standard Chartered jumped 10% after the bank's first quarter results beat expectations. | (Noon): 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. | 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. | 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. | Standard Chartered was the biggest riser on the FTSE 100, with the index up 26.08 points at 6,287.00. |
| Investors were cheered by signs that the number of bad loans at the bank had fallen. | |
| Standard Chartered said losses from impaired loans were $471m in the January to March period, compared with $1.13bn in the previous quarter. | |
| The bank's chief executive, Bill Winters, said: "Although trading conditions in the first quarter remained challenging, we continue to make good progress on our strategic objectives." | |
| In November last year, Standard Chartered said it would raise $5.1bn and cut 15,000 jobs by 2018 as part of a turnaround plan. | |
| BP boost | |
| Elsewhere on the London market, positive results from oil giant BP and Costa Coffee owner Whitbread also gave the FTSE 100 a lift. | |
| BP shares rose 4.3% after its first quarter results beat expectations. | BP shares rose 4.3% 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 1.2% after it reported an 11.9% rise in underlying annual pre-tax profits to £546.3m. | Shares in Whitbread - which also owns Premier Inn hotels as well as Costa Coffee - rose 1.2% 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 0.55% against the dollar to $1.4562, and was up 0.4% against the euro at €1.2909. | 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 0.55% against the dollar to $1.4562, and was up 0.4% against the euro at €1.2909. |