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FTSE rally runs out of steam | |
(about 4 hours later) | |
(Noon): An early rally on the London market quickly ran out of steam, with the FTSE little changed in lunchtime trade. | |
The benchmark FTSE 100 index was 10.95 points lower at 6,800.66. | |
Shares in chip designer Arm Holdings rose 1.7% as the company was boosted by news of Apple's record profits. | |
Arm's chip designs are in many Apple products, and the US tech giant reported a profit of $18bn (£11.8bn) for the three months to 27 December. | Arm's chip designs are in many Apple products, and the US tech giant reported a profit of $18bn (£11.8bn) for the three months to 27 December. |
Anglo American shares rose 1.8% after the mining firm's latest update found favour with investors. | |
Annual output of commodities including iron ore and copper beat expectations, but Anglo warned that the fall in commodity prices was likely to lead to impairment charges for its 2014 financial year. | Annual output of commodities including iron ore and copper beat expectations, but Anglo warned that the fall in commodity prices was likely to lead to impairment charges for its 2014 financial year. |
Johnson Matthey shares fell nearly 5%, despite the speciality chemicals company reporting a 1% increase in third-quarter profits. | |
The focus of investors will switch to the US later, and the outcome of the latest meeting of the US Federal Reserve. | The focus of investors will switch to the US later, and the outcome of the latest meeting of the US Federal Reserve. |
All eyes will be on whether the Fed gives any further clues as to when US interest rates will rise. | All eyes will be on whether the Fed gives any further clues as to when US interest rates will rise. |
On the currency markets, the pound rose 0.05% against the dollar to $1.5205 and climbed 0.23% against the euro to €1.3384. |