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FTSE 100 steady in early trade Price war fears hit BT shares
(about 4 hours later)
(Open): An early rally in stocks quickly ran out of steam and the benchmark FTSE 100 fell 5.08 points to 6,448.79. (Noon): Despite reporting an increase in second quarter profits, shares in BT Group fell 3% as investors worried it could get drawn into a price war.
Barclays rose 1.8% after it reported pre-tax profits of £3.72bn for the first nine months of the year, up from £2.85bn a year earlier. Second quarter profits rose 13% to £563m, with revenues from BT's consumer business up 7%.
The bank has also set aside £500m to cover the potential costs of an investigation into currency trading. BT has taken on BSkyB by winning rights to Premier League matches, but there are concerns over the impact of a potential price war between the two.
Royal Dutch Shell fell 0.5% after its latest quarterly results. The FTSE 100 index was down 64.08 points, or 1%, at 6,389.79.
Mining firms weighed on the index as a rise in the value of the dollar pushed down the price of commodities. Randgold Resources fell 3.3% and Fresnillo dropped 3.2%
Barclays rose 1.1% after it reported pre-tax profits of £3.72bn for the first nine months of the year, up from £2.85bn a year earlier.
The bank has also set aside £500m to cover the potential costs of an investigation into currency trading. Barclays is among several banks being probed over alleged rigging of currency markets.
Royal Dutch Shell A and B shares fell more than 1% after its latest quarterly results.
The oil giant reported third quarter profits of $5.3bn, and also said it had appointed former Bank of America and DuPont chair Charles Holliday as its new chairman.The oil giant reported third quarter profits of $5.3bn, and also said it had appointed former Bank of America and DuPont chair Charles Holliday as its new chairman.
BT Group shares fell 2% after it reported a 13% rise in second quarter profits to £563m. In the FTSE 250, transport group National Express rose 3.2% after it said pre-tax profits in the third quarter were nearly 15% higher than a year earlier.
In the FTSE 250, transport group National Express after it said pre-tax profits in the third quarter were nearly 15% higher than a year earlier. On the currency markets, the pound fell 0.18% against the dollar to $1.5985. The dollar had been boosted after comments from the US Federal Reserve on Wednesday hinted that it was more confident about the state of the US labour market.
On the currency markets, the pound fell 0.23% against the dollar to $1.5976. The dollar had been boosted after comments from the US Federal Reserve on Wednesday hinted that it was more confident about the state of the US labour market. Against the euro, the pound rose 0.3% to €1.2709.
Against the euro, the pound rose 0.23% to €1.2701.