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FTSE 100 bolstered by Barclays results FTSE 100 down as shares in Pearson slump
(about 2 hours later)
(Open): Shares in Barclays rose 5% following its latest results, helping to support the wider market. (Noon): Shares in education publisher Pearson sank 10% after it reported a worse-than-expected slide in sales.
Barclays reported a 21% drop in pre-tax profits for the first half of the year, but analysts were encouraged by a better performance from its investment bank. The company said underlying sales fell by 7% to £1.87bn in the first half of the year, after suffering problems in the US and UK, its two biggest markets.
The FTSE 100 was flat at 6,720.83 in early morning trade. Pearson was the biggest faller in the FTSE 100, with the index down 10.93 points at 6,710.13 by midday.
Shares in Pearson sank 8% after the education company reported a fall in first-half sales. In contrast, shares in Barclays rose 8% despite the bank reporting a 21% drop in half-year profits.
Underlying sales fell by a worse-than-expected 7% to £1.87bn. Analysts were encouraged by a better performance from Barclays' investment bank in the second quarter of the year.
Outside the FTSE 100, London-based estate agency Foxtons fell nearly 7% after it reported a fall in half-year profits, blaming uncertainty around the EU referendum for the drop. Outside the FTSE 100, shares in London-based estate agency Foxtons fell 8.5% after it reported a fall in half-year profits, blaming uncertainty around the UK's EU referendum for the drop.
The company added it did not see any prospects of a recovery in the London property market before the end of the year.The company added it did not see any prospects of a recovery in the London property market before the end of the year.
On the currency markets, the pound fell 0.16% against the dollar to $1.3184 and was unchanged against the euro at €1.1888. On the currency markets, the pound rose 0.1% against the dollar to $1.3175 but fell 0.3% against the euro to €1.1856.