Business

FTSE 100 rises as results lift Barclays shares

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(Close): The market rose slightly and shares in Barclays were higher after its first-quarter results.

By the end of trade, the benchmark FTSE 100 index closed up 35.39 points at 6,319.91.

After reporting its first quarter results, shares in Barclays rose 3% at first before falling back to end 0.5% higher.

That was despite the bank reporting a 25% drop in pre-tax profits to £793m in the first three months of the year.

However, analysts said the bank's results showed it had outperformed other companies in the sector.

"This is a relatively clean and good set of numbers against low expectations," said analysts at Keefe, Bruyette & Woods.

Standard Chartered - whose shares had jumped 10% on Tuesday after its first quarter results - fell back 1.1% after Deutsche Bank cut its rating on the bank to "sell" from "hold".

On the currency markets, news that the UK economy grew by 0.4% in the first quarter of the year - as expected - provoked little reaction. The pound dipped 0.25% against the dollar at $1.4545, and slipped 0.33% against the euro to €1.286.