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Royal Mail leads FTSE 100 higher FTSE hits four month high on ECB QE
(about 4 hours later)
(Noon): The FTSE 100 rose ahead of the expected announcement of a eurozone stimulus package, while Royal Mail shares rose after its latest trading update. (Close): The FTSE 100 hit a four-month high on Thursday after the European Central Bank launched a €60bn bond programme to try to combat deflation and encourage growth.
Royal Mail shares climbed 4.5% after it said parcel volumes during December were up 4%, while group revenues rose 1% in the nine months to 28 December. The move boosted appetite for shares across Europe.
The benchmark FTSE 100 index rose 30.69 points to 6,758.73. The benchmark FTSE 100 touched a peak of 6,808.18 points, its highest since 22 September.
Balfour Beatty shares rose 2.6% despite it issuing another profit warning. The pound climbed to a seven-year high against the euro, at 1.32.
The programme of asset purchases meant the single currency was at an 11-year low versus the US dollar.
On Thursday the European Central Bank (ECB) said it would inject at least €1.1 trillion into the ailing eurozone economy.
The ECB will buy bonds worth €60bn per month until the end of September 2016 at least.
On the currency markets, the pound fell 0.67% against the dollar to $1.50430, but was 1.06% higher against the euro at €1.31800.
The FTSE 100 index rose 68.59 points to 6796.63.
Meanwhile, Royal Mail shares finished 3.6% higher after it said parcel volumes during December were up 4%.
Royal Mail group revenues rose 1% in the nine months to 28 December.
Balfour Beatty shares rose 4.86% despite it issuing another profit warning.
The company said profit for 2014 at its construction business would be £70m lower than expected. The accountants KPMG have been reviewing Balfour's construction business and found that it had been bidding with "optimistic assumptions".The company said profit for 2014 at its construction business would be £70m lower than expected. The accountants KPMG have been reviewing Balfour's construction business and found that it had been bidding with "optimistic assumptions".
Shares in Oxford Instruments plunged by nearly 30% after it said it expected full-year profits to fall by more than a quarter because of poor trading in Russia and Japan.Shares in Oxford Instruments plunged by nearly 30% after it said it expected full-year profits to fall by more than a quarter because of poor trading in Russia and Japan.
The maker of nanotechnology tools now expects adjusted full-year pre-tax profits of £35m, against £47.1m a year earlier.The maker of nanotechnology tools now expects adjusted full-year pre-tax profits of £35m, against £47.1m a year earlier.
Oxford Instruments said its trading in Russia had been hit by the recent sanctions.Oxford Instruments said its trading in Russia had been hit by the recent sanctions.
"We now assume that no sales can be made to Russia for the remainder of this year and we are also assuming no sales to Russia next year," the company said."We now assume that no sales can be made to Russia for the remainder of this year and we are also assuming no sales to Russia next year," the company said.
All eyes will be on the European Central Bank (ECB) later, as it is widely expected to announce a huge stimulus package for the eurozone.
Reports suggest the ECB could purchase government bonds worth up to €50bn (£38bn) a month until the end of 2016.
On the currency markets, the pound rose 0.23% against the dollar to $1.5179 and was 0.08% higher against the euro at €1.3053.