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London Market Report London Market Report
(about 4 hours later)
(Open): UK shares fell during early trade, with the FTSE 100 index down 20.81 points at 6,655.27. (Noon): After spending most of the morning in negative territory, the FTSE 100 recovered some ground to stand down just 0.94 of a point at 6,675.14.
The market remained unsettled following Tuesday's news of US-led air strikes against Islamic State (IS) militants in Syria, and downbeat survey results from the eurozone. Analysts cited comments from European Central Bank chief Mario Draghi as helping the market.
British Airways owner IAG was the biggest faller on the index, down 2.1%. Mr Draghi said eurozone monetary policy would stay supportive for a long time.
Centrica and Old Mutual fell after their shares began trading without the right to the latest dividend. Silver and gold miner Fresnillo was the top riser in the index, with its shares up 2.6%, after positive comments from analysts at UBS.
The move ex-dividend pushed Old Mutual shares down 2.1% while Centrica fell 1.6%. "After recent share price weakness we see attractive long term value in Fresnillo and are attracted to its low cost assets, production growth, high return projects, exploration upside and conservative management," UBS said.
Tesco shares slipped a further 0.6% to 193.35p. The supermarket giant saw its share price slump below the £2 mark earlier this week after it announced it had overstated its profit guidance by £250m. Centrica and Old Mutual fell after their shares began trading without the right to the latest dividend. The move ex-dividend pushed Old Mutual shares down 1.4% while Centrica fell 2.5%.
Topps Tiles edged up 0.5% after it said adjusted full-year pre-tax profits are expected to be about £17m, up 30% on the year before. Tesco shares slipped a further 0.5% to 193.55p. The supermarket giant saw its share price slump below the £2 mark earlier this week after it announced it had overstated its profit guidance by £250m.
The pound dipped 0.05% against the dollar to $1.6382 and fell 0.15% against the euro to 1.2738 euros. In the FTSE 250, shares in property website Rightmove fell 2.8% after Citi cut its rating on the stock to "sell" from "buy".
Topps Tiles edged up 0.5% after it said adjusted full-year pre-tax profits were expected to be about £17m, up 30% on the year before.
On the currency markets, the pound rose 0.1% against the dollar to $1.6407 and climbed 0.13% against the euro to 1.2774 euros.