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Energy companies boost FTSE 100 | |
(about 4 hours later) | |
(Noon): The market rose in Tuesday morning trade, with shares in energy-related companies climbing despite the weak oil price. | |
By lunchtime, the FTSE 100 was up 14.29 points at 6,818.37, with Tullow Oil up 5.4% and BG Group 2.7% higher. | |
However, oil prices remained weak, with the price of Brent crude dropping below $53 a barrel. | |
Sainsbury's shares jumped initially following the release of its latest update but gave up some of the gains. | Sainsbury's shares jumped initially following the release of its latest update but gave up some of the gains. |
The supermarket reported a 1.9% drop in like-for-like fourth quarter sales, the fifth consecutive quarterly decline. | |
Shares in Sainsbury's jumped 2% as the market opened, but then slid back to stand just 0.2% higher. | Shares in Sainsbury's jumped 2% as the market opened, but then slid back to stand just 0.2% higher. |
Antofagasta shares fell 3% after the mining company reported a fall in half-year earnings. | |
Among the smaller firms, Just Eat shares were up 1.5% after the online marketplace for takeaway food reported a strong rise in revenues. | |
The company said revenues in 2014 hit £157m, up 62% on the year earlier. | The company said revenues in 2014 hit £157m, up 62% on the year earlier. |
Shares in fashion retailer French Connection dropped 10.7%, despite it reporting a smaller annual loss. | |
The underlying operating loss of £0.8m compared with a deficit of £4.4m a year earlier. | The underlying operating loss of £0.8m compared with a deficit of £4.4m a year earlier. |
Chairman and chief executive Stephen Marks said the results "show that we have made another step towards returning French Connection to profitability". | Chairman and chief executive Stephen Marks said the results "show that we have made another step towards returning French Connection to profitability". |
On the currency markets, the pound fell 0.4% against the dollar to $1.4767 and dropped 1% against the euro to €1.3891. |