The FTSE 100 Index has pulled back from Monday’s record high, despite a strong session for BP after the oil major’s results beat City forecasts.
Investors retreated to the sidelines amid jitters over this week’s Federal Reserve meeting, when US policymakers are expected to offer guidance on when interest rates will start to rise from their rock-bottom level.
The FTSE 100 Index surged to a best-ever intra-day level of 7122.7 on Monday – driven by hopes of an end to the deadlock on Greece’s debt talks – but this was followed today by a fall of 29.5 points to 7074.7.
BP shares were among the biggest risers in the FTSE 100 after it reported first quarter profits of 2.6 billion US dollars (£1.7 billion), down 20% on a year earlier due to the impact of lower oil and gas prices.
But the figures were not as bad as the City feared, meaning the stock rose by more than 1% – up 7.2p to 484.1p – to the top of the risers board.
Among other corporate results, Whitbread said underlying profits rose by 18% to £488.1 million in the financial year to February 26.
The group also set out its plans for the next five years, with a target of 900 Premier Inns hotels and Costa sales of £2.5 billion by 2020.
Shares have been at a record high in recent weeks but drifted 47.5p to 5392.5p in the wake of today’s results.
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