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Energy companies boost FTSE 100 | Energy companies boost FTSE 100 |
(about 4 hours later) | |
(Close): The market rose in Tuesday trade, with shares in energy-related companies climbing despite the weak oil price. | |
The FTSE 100 closed 33.53 points higher at 6,837.61, with Tullow Oil up 6.1% and Centrica 5% higher. | |
However, oil prices remained weak, with the price of Brent crude dropping to near $53 a barrel. | |
Sainsbury's shares jumped initially after the release of its latest update but ended up in negative territory. | |
The supermarket reported a 1.9% drop in like-for-like fourth quarter sales, the fifth consecutive quarterly decline. | 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 0.8% lower at the close of trading. | |
Antofagasta shares fell 2.8% after the mining company reported a fall in half-year earnings. | |
Among the smaller firms, Just Eat shares rose 0.5% 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 10.9%, 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 0.56% against the dollar to $1.4743 and dropped 0.88% against the euro to €1.3907. |