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FTSE 100 falls but results lift Barclays shares FTSE 100 rises as results lift Barclays shares
(about 4 hours later)
(Morning): The market fell slightly but shares in Barclays climbed after its first-quarter results beat forecasts. (Afternoon): The market rose slightly and shares in Barclays were higher after its first-quarter results.
By mid-morning, the FTSE 100 index was down 9.36 points at 6,275.16. By early afternoon, the benchmark FTSE 100 index was up 10.79 points at 6,295.31.
Shares in Barclays were up 3% despite the bank reporting a 25% drop in pre-tax profits to £793m in the first three months of the year. After reporting its first quarter results, shares in Barclays rose 3% at first before falling back slightly to stand 0.5% higher.
Analysts said the bank's results had beaten expectations, with a 4% drop in revenues not as bad as some of its US peers. 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% after Deutsche Bank cut its rating on the bank to "sell" from "hold". 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".
Mining shares were under pressure as metal prices weakened. Both Rio Tinto and BHP Billiton were down 1.6%. 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.
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 $1.4583, and slipped 0.1% against the euro to €1.2888.