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Standard Chartered shares surge on results | Standard Chartered shares surge on results |
(about 5 hours later) | |
(Close): Shares in Standard Chartered jumped nearly 10% after it reported better than expected results. | |
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 23.6 points at 6,284.52. | |
Investors were cheered by signs that the number of bad loans at the bank had fallen. | 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. | 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." | 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. | 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 | 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. | 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 2.6% 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 17% 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 0.85% against the dollar to $1.4605, and was up 0.4% against the euro at €1.2907. |