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Shell, BG and BT help support FTSE 100 despite Argentina default and Fed rate hint(Guardian Web Via Acquire Media NewsEdge) Argentina may have defaulted, there may be the first signs of dissent with the Federal Reserve about a rise in US interest rates, and the saga over sanctions against Russia may be continuing, but markets seem to be shrugging off these woes. A host of corporate news has been enough to support the FTSE 100, which has dipped just 7.78 points to 6765.66 despite the problems in Argentina and a Federal Reserve meeting where the actions of one member - Philadelphia Fed's Charles Plosser - seemed to hint he wanted interest rates to rise sooner than the rest of the board. Among the corporates reporting, Royal Dutch Shell is leading the way, its B shares 101.5p better at 2590.5p and its A shares up 82.5p at £24.65 after a 33% rise in second quarter earnings. BG is up 30.5p at £12.11, with an 11% increase in second quarter profits, even though it warned of slowing production and risks to its operations in Egypt. But Centrica, the owner of British Gas, has dipped 1.6p to 312.6p as first half profits fell 35%. In the relentless parade of results BT has added 6.6p to 394.5p. The telecoms group said demand for broadband and pay-TV (it has spent bid on football rights including the Premier League) helped it edge revenues up 0.5% to £4.4bn, in line with forecasts. Mining groups were also in demand, with Antofagasta recovering from Wednesday's losses to add 4.5p to 820.5p. BHP Billiton is 9.5p better at 2057.5p while Rio Tinto has risen 14.5p to 3448.5p. But Weir is down 107p at £25.61 after the pump maker reported a 7% fall in first half operating profits, hit by the strength of the pound. Rolls-Royce has fallen 27p to £10.28. The company is another to suffer from a rise in sterling, and with cuts in defence spending and problems in its marine business, first half profits fell by 20%. But this was in line with expectations and it kept its guidance for the full year. Lloyds Banking Group has dipped 1.7p to 74.71p as it followed Barclays' lead by increasing provisions for mis-selling payment protection insurance. (c) 2014 Guardian Newspapers Limited. |