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FTSE 100 rises as results lift Barclays shares | |
(about 4 hours later) | |
(Afternoon): The market rose slightly and shares in Barclays were higher after its first-quarter results. | |
By early afternoon, the benchmark FTSE 100 index was up 10.79 points at 6,295.31. | |
After reporting its first quarter results, shares in Barclays rose 3% at first before falling back slightly to stand 0.5% higher. | |
That was despite the bank reporting a 25% drop in pre-tax profits to £793m in the first three months of the year. | |
However, analysts said the bank's results showed it had outperformed other companies in the sector. | |
"This is a relatively clean and good set of numbers against low expectations," said analysts at Keefe, Bruyette & Woods. | "This is a relatively clean and good set of numbers against low expectations," said analysts at Keefe, Bruyette & Woods. |
Standard Chartered - whose shares had jumped 10% on Tuesday after its first quarter results - fell back 2.3% after Deutsche Bank cut its rating on the bank to "sell" from "hold". | |
On the currency markets, news that the UK economy grew by 0.4% in the first quarter of the year - as expected - provoked little reaction. The pound was flat against the dollar at $1.4582, and slipped 0.1% against the euro to €1.2885. | |