FTSE recovers early losses as rouble fall is stemmed

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FTSE 100 Index

Last Updated at 30 Jan 2018, 16:21 GMT *Chart shows local time FTSE 100 intraday chart
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(Close): London's benchmark index, the FTSE 100, closed marginally higher on Wednesday, gaining 4.65 points in late trading to close at 6336.48.

The FTSE had fallen earlier in the day, with investors concerned about the continued plunge of the rouble.

However the index strengthened on news of the Russian central bank's pledge to provide additional capital to the country's banks, if necessary.

Figures showing a rise in UK wage growth also cheered investors.

The price of Brent Crude oil, which has been falling for weeks, recovered by almost 4% late on Wednesday, reaching $62.32 a barrel.

Shares in oil firms Tullow Oil, BP, and BG Group all rose more than 3% as a result, with Royal Dutch Shell 'B' rising by 2.9%.

Meanwhile British Airways owner IAG fell by 4%.

Dixons Carphone rose 3% after it reported a 30% rise in underlying half-year profits.

The firm, which owns the PC World and Currys chains as well as Carphone Warehouse, said its UK and Ireland business had enjoyed a "barnstorming performance".

All eyes will be on the US Federal Reserve later when it announces the results of its latest meeting.

There is speculation that the US central bank will end its commitment to keep interest rates low for a "considerable period", suggesting a rate rise is moving closer.

On the currency markets, the pound fell 0.55% against the dollar to $1.5664 and rose 0.16% against the euro to €1.2609.