1st August 2012
Disappointing data from BP and Fresnillo was enough to end the FSTE 100's three-day rally.
The blue chip index was 2.82 points (0.47 per cent) lower at 5,690.81 on Tuesday (July 31st) morning after a 3.6 per cent rise over the latter half of last week, reports Reuters.
BP dropped 2.8 per cent as the oil company took a £3.18 billion charge in the second quarter, while Fresnillo - the world's largest silver producer - said its first half profits had fell nine per cent due to rising costs and lower average silver prices.
Before today, nearly half of the companies due to declare earnings had already done so, with half of these missing forecasts.
With earnings sustainability causing concern among investors, they are now looking for the European Central Bank to issue a clear policy response following Mario Draghi's statement last week that saving the single currency was the bank's priority.
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