Thur City brief: Corporates edge FTSE higher
The FTSE 100 finished 0.21% higher at 6,960.63, bouncing back after hitting a low of 6,906.24 early on amid a mixed batch of corporate earnings and global economic data.
Markets have fallen sharply since setting a new all-time closing high of 7,103.98 on Monday, retreating to 6,946.28 as of Wednesday’s close – its lowest finish since 8 April.
Airline conglomerate IAG underwhelmed despite making its first-ever profit in the first quarter. The company beat expectations with an operating profit of €25m, compared with a €150m loss the year before.
Financial services giant Schroders also fell as profits for the first quarter missed forecasts. The company did however beat estimates with a 6.5% increase in assets under management to £319.5bn.