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Britain's FTSE rise after upbeat updates

Tuesday, July 29 09:37:16

Britain's top equity index was a touch higher on Tuesday, led by fashion chain Next and car and plane parts maker GKN after strong results and outlook comments.

Shares in GKN and Next were the top risers on the FTSE, up 5.7 percent and 2.5 percent. The former raised its dividend as its profits rose; the latter increased its earnings guidance after a strong second quarter.

Britain's FTSE 100 was up 17.87 points, or 0.3 percent, at 6,805.94 points at 0750 GMT. The index has traded in a 1 percent range for the past week as investors awaited this week's key economic data, which culminate in the U.S. non-farm payrolls report on Friday.

British retailers and housebuilders will be in focus at 0830 GMT, when consumer credit and mortgage lending figures for June are due.

Conflict in Palestine, where Israel has invaded the Gaza strip, and tensions between Western powers and Russia over Ukraine have further dampened appetite for risk this month.

BP rose 0.5 percent and added 1.7 points to the FTSE. The oil major posted a better-than-expected 34 percent rise in quarterly profit after increasing production of higher-margin products and selling its liquids and gas at higher prices.

The company's production, however, fell nearly 3 percent to 3.1 million barrels of oil equivalent a day. Russian crude oil production made up about a third of the company's output. (Reuters)

For more visit: www.businessworld.ie