LONDON: Mixed earnings reports kept Britain's top share index trade in a tight range on Wednesday, though it stayed close to its all-time high thanks to a boost from Standard Chartered and ITV.
The FTSE 100 index rose initially to within 1 percent of a fresh record high of 6,974.26 set on Monday, but then reversed course. By 0905 GMT it was down 0.2 percent, or 12.81 points, at 6,876.32, with analysts saying the rally to record highs leaves the index set for a pause.
Top riser was Standard Chartered, up 5.5 percent to its highest level in over four months, as investors took heart from the bank's planned restructuring programme despite a 25 percent slump in profits.
"Standard Chartered's results were a slight miss but we think the restructuring is finally starting to take shape and we remain positive for the outlook," Atif Latif, director of Guardian Stockbrokers, said.
British broadcaster ITV rose 4.1 percent after it said it plans to return 250 million pounds ($383.5 million) to shareholders via a special dividend after posting a better-than-expected 2014 profit.
"The year ended more strongly than expected; ITV is very well placed to satisfy the growing international demand for content on both broadcast and digital channels," said Jane Anscombe, analyst at Edison Investment Research.
The earnings season has been generally encouraging thus far, with 58 percent of FTSE 100 companies that have reported results beating or meeting expectations.
However, precious metals miner Fresnillo was the top FTSE 100 faller, down 4 percent after its pre-tax profit dropped 40 percent, hurt by falling gold and silver prices.
Legal & General fell 2.5 percent after the insurer reported below-forecast 2014 operating profits even as company pension deals gave a boost to annuity sales.
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