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FTSE 100 moves closer to record high | |
(about 3 hours later) | |
(Noon): After a sluggish start to the day, the FTSE 100 picked up and headed towards a record closing high. | |
Sentiment was helped by hopes of a solution to the Greek debt talks after Greece submitted a list of reform proposals to its bailout creditors. | |
The FTSE 100 was up 11.71 points at 6,923.8, just shy of its record closing level of 6,930.2 on 30 December 1999. | |
BHP Billiton rose 4.6% even though it reported a 31% drop in underlying half-year profit to $5.35bn (£3.46bn). | |
The figure beat forecasts, and the mining giant said it expected more than $4.0bn of productivity gains by the end of 2017. | |
Housebuilder Persimmon fell 3.5% despite it reporting a 44% rise in full-year profit to £475m. | |
In the FTSE 250, shares in Just Retirement Group jumped 16% after the annuity provider's latest results suggested it was coping with the planned changes to the pensions market, which will mean annuity purchases are no longer compulsory. | |
It reported annuity sales of £661.2m, down 4% from a year earlier, with underlying pre-tax profit dropping 10% to £42.6m. | It reported annuity sales of £661.2m, down 4% from a year earlier, with underlying pre-tax profit dropping 10% to £42.6m. |
The figures were better than expected, and the company added it would launch new products in April when the pension reforms come into effect. | The figures were better than expected, and the company added it would launch new products in April when the pension reforms come into effect. |
On the currency markets, the pound fell 0.1% against the dollar to $1.5437 and was flat against the euro at €1.3634. |