FTSE 100 closes up despite Barclays' woes

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Barclays was the biggest loser on the FTSE 100 as its third-quarter results failed to impress investors.

The bank’s share price closed 7.4% down after a weak performance in its investment banking division led to lower-than-expected profits.

Housebuilder Barratt also fell heavily, down 4.2% after going ex-dividend

However, a 3.3% rise for Unilever and a strong trading session for mining stocks helped the FTSE 100 closed up 0.53% at 7,486.5 points.

GlaxoSmithKline shares fell 3.4%, extending Wednesday’s post-results losses to hit their lowest for more than a year after Credit Suisse cut its target price on the pharma stock.

Analysts at the Swiss bank pointed to uncertainty over Glaxo’s HIV segment ViiV and said the company’s post-results call was more cautious than expected.

So far, this third-quarter results season has been marred by significant share price drops from large-cap firms such as Convatec and Whitbread, as well as profit warnings from small-caps Pendragon and Dialight earlier in the week.

“If you look at UK domestic firms, there’s quite a lot of bad news that’s expected because Brexit is hanging over results,” said Hargeaves Lansdown’s Laith Khalaf.

On the currency markets, the pound was down 0.69% against the dollar at $1.3169. But it was up 0.3% on the euro at €1.1257.

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