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FTSE rally runs out of steam FTSE shrugs off Greek turmoil
(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. (Close): The FTSE 100 managed to shrug off the turmoil in Greek markets to end the day slightly higher.
The benchmark FTSE 100 index was 10.95 points lower at 6,800.66. The benchmark FTSE 100 index closed up 14.33 points at 6,825.94.
Shares in chip designer Arm Holdings rose 1.7% as the company was boosted by news of Apple's record profits. Shares in chip designer Arm Holdings rose 1.8% 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. Anglo American shares rose 2.3% 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. Johnson Matthey shares fell 3.2%, 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. Despite the overall rise in the FTSE, investors remained wary due to the dramatic falls in Greek stock markets.
All eyes will be on whether the Fed gives any further clues as to when US interest rates will rise. Athens share index fell more than 9%, while its banking index plunged 27% as the new anti-bailout government appeared determined to defy the country's international creditors.
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. "I can't buy enthusiastically at these levels, with worries over the Greek economy still an issue, but I am cautiously optimistic," said Berkeley Futures' associate director Richard Griffiths.
On the currency markets, the pound fell 0.2% against the dollar to $1.5167 and climbed 0.12% against the euro to €1.3369.