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FTSE flat as investors remain wary FTSE 100 moves closer to record high
(about 3 hours later)
(Open): The London market struggled to make progress, with investors remaining cautious in light of the Greek debt talks and the US Federal Reserve head's appearance before Congress. (Noon): After a sluggish start to the day, the FTSE 100 picked up and headed towards a record closing high.
Janet Yellen's report to Congress will be studied for clues as to when the Fed will start to raise rates. 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 benchmark FTSE 100 index dropped 6.07 points to 6,906.09. 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.
Housebuilder Persimmon fell 4.3% despite it reporting a 44% rise in full-year profit to £475m. BHP Billiton rose 4.6% even though it reported a 31% drop in underlying half-year profit to $5.35bn (£3.46bn).
Shares in the world's largest mining company, BHP Billiton, rose 3.7% 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.
Despite the fall, the profit figure was better than forecasts and BHP also cut spending targets and pledged $4bn of savings over the three years to 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 15% 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. 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 $1.5443, but rose 0.1% against the euro to €1.3648. On the currency markets, the pound fell 0.1% against the dollar to $1.5437 and was flat against the euro at €1.3634.