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FTSE calm after Greek election Mining shares pull FTSE 100 lower
(about 3 hours later)
(Open): The FTSE 100 fell slightly in early trade, as investors reacted to the news that the anti-austerity Syriza party had won the Greek election. (Open): Falling commodity prices dragged mining shares lower, but the victory for the anti-austerity Syriza party in Greece's general election failed to rattle investors.
There had been fears that the victory could trigger a sharp sell-off, but the FTSE 100 was down just 12.08 points at 6,820.75 in early morning trade. The FTSE 100 was 31.54 points lower at 6,801.29. Shares in BHP Billiton fell 2.5% while Anglo American was 2.3% lower after metals prices dropped.
The euro briefly fell to an 11-year low against the US dollar of $1.1088 following the election result. Falling oil prices hit Tullow Oil, which was 3.8% lower.
But the euro then recovered to stand at $1.1250. On the currency markets, the euro steadied after early falls.
The pound was down 0.3% against the euro at €1.3339, while against the dollar, sterling was up 0.1% at $1.5009. In Asian trade, the euro had briefly hit an 11-year low against the US dollar of $1.1088 following the Greek election result, but it then recovered to stand at $1.1228.
Mining shares saw the biggest falls after commodity prices dropped. Shares in BHP Billiton fell 3.3%, while Anglo American and Glencore were both down by 2.7%. The pound was down 0.16% against the euro at €1.3360, while against the dollar, sterling was up 0.1% at $1.5010.
Investors welcomed news of another bid by IAG for Irish airline Aer Lingus. IAG's shares were up 3.7% after Aer Lingus said it was considering the higher offer of €2.55 a share. Investors welcomed news of another bid by IAG for Irish airline Aer Lingus. IAG's shares were up 3.5% after Aer Lingus said it was considering the higher offer of €2.55 a share.
Shares in energy firm SSE rose 1.7%. SSE became the latest of the major energy firms to announce a cut to gas prices for domestic customers. Shares in energy firm SSE rose 1.2%. SSE became the latest of the major energy firms to announce a cut to gas prices for domestic customers.
SSE also said it expected full-year profits for the current financial year to be similar to that achieved in 2013-14. It confirmed that it expected to increase its full-year dividend by at least RPI inflation.SSE also said it expected full-year profits for the current financial year to be similar to that achieved in 2013-14. It confirmed that it expected to increase its full-year dividend by at least RPI inflation.
Outside the FTSE 100, shares in Flybe sank more than 20% after it said passenger revenue per seat fell in the fourth quarter. Outside the FTSE 100, shares in Flybe sank 23% after it said it only expected to break even in the year to March, against expectations of a £9m profit.
The carrier also said that it had seen increased competition on its routes from London City airport, and that this would "extend the period of time that these routes take to reach maturity and deliver the full contribution we expect". The carrier said that it had seen increased competition on its routes from London City airport, and that this would "extend the period of time that these routes take to reach maturity and deliver the full contribution we expect".