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BP and Shell shares both fall

BP and Shell shares both fall
London's blue chip share index made further gains today as it continued its return to form after Monday's 100-point slump.

London’s blue chip share index made further gains today as it continued its return to form after Monday’s 100-point slump.

The FTSE 100 closed 12.6 points higher at 6,295.3, helped by encouraging economic indicators from the eurozone and the US.

Fund manager Hargreaves Lansdown was the biggest riser, soaring 11% or 82.5p to 817p, after it reported a 30% jump in pre-tax profits in its first-half results.

Banking stocks also played a part in the market bounce back, even though Royal Bank of Scotland announced £391million in fines to US and UK authorities for its role in the Libor rigging scandal.

RBS rose 4.6p to 342.1p, Lloyds Banking Group was up 0.6p to 52.1p, Barclays edged 0.2p higher to 295.5p and HSBC lifted 3.7p to 713.1p.

Investors changed their minds about oil giant BP however, sending the stock down 3p to 465.75p following a 1% rise on Tuesday on the back of better-than-expected results.

Rival Royal Dutch Shell joined it on the fallers board, down 11p to £22.45.

Drugs giant GlaxoSmithKline lifted 7.75p to £14.45, despite reporting a 5% fall in underlying operating profits to £8.3billion.

The biggest FTSE 100 risers included Eurasian Natural Resources ahead 31.4p to 375.6p, Schroders 56p higher at £19.99 and Burberry up 40p to £14.30.

The biggest FTSE 100 fallers were Unilever down 52p to £25.45, Rexam off 6p to 462p, Aviva 4.4p lower at 353p and Aggreko down 13p at £15.68.

Barry Shepherd, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that risers included Premier Oil, up 1.3% to 390.05p, Weir Group added 2.2% to £20.66 and Faroe Petroleum closed 2.9% higher at 144p.

Fallers included Stagecoach, which lost 1.4% to 302.05p, while Plexus Holdings dropped 5.7% to 244.5p.

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