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FTSE 100 rises as results lift Barclays shares FTSE 100 rises as results lift Barclays shares
(about 2 hours later)
(Afternoon): The market rose slightly and shares in Barclays were higher after its first-quarter results. (Close): 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. By the end of trade, the benchmark FTSE 100 index closed up 35.39 points at 6,319.91.
After reporting its first quarter results, shares in Barclays rose 3% at first before falling back slightly to stand 0.5% higher. After reporting its first quarter results, shares in Barclays rose 3% at first before falling back to end 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.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.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". Standard Chartered - whose shares had jumped 10% on Tuesday after its first quarter results - fell back 1.1% 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. 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 dipped 0.25% against the dollar at $1.4545, and slipped 0.33% against the euro to €1.286.