Business

FTSE 100 higher despite Barclays fall

Market trader (file picture) Image copyright Getty Images

(Close): The London market ended the day higher after a potential counterbid for the London Stock Exchange made up for a slump in Barclays' share price.

Barclays shares ended down 8.1% after it reported falling profits and a cut to its dividend next year.

It also announced plans to restructure, including a reduction of its stake in its Africa business.

Despite this, the FTSE 100 index finished 55.7 points higher at 6,152.88.

Shares in the London Stock Exchange (LSE) rose 7.8% to £28.87 after the owner of the New York Stock Exchange, Intercontinental Exchange, said it was considering making an offer for the LSE.

This could scupper plans announced last week for the LSE to merge with Deutsche Bourse.

Shares in equipment rentals company Ashtead Group sank 9.1%. The company reported a 20% rise in nine month pre-tax profit to £482m, but investors were concerned about its prospects in the US.

In the FTSE 250, shares in Greggs jumped 10.5% after the bakery chain reported a 25% rise in annual profits. It also announced plans for a £100m restructuring programme which will lead to the closure of three bakeries.

On the currency markets, the pound rose 0.16% against the dollar to $1.3938, and was also 0.5% higher against the euro at €1.2855.

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