Market calm after Greece payment

FTSE 100An uneasy calm has descended over the London market after the eurozone crisis sent the FTSE 100 Index to a fresh low for the year on Wednesday night.

The mood was helped by the decision of the European Financial Stability Facility to make a payment of 5.2 billion euro in emergency aid to Greece, while efforts continue to form a government in the country.
Commodity stocks, which have been battered in recent days, attracted bargain hunters as the FTSE 100 Index climbed 9.7 points to 5539.7.
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Away from the economic gloom, corporate news was largely positive as BT beat its £6 billion underlying earnings target one year ahead of schedule and said it planned to increase its dividend by up to 15% a year for three years.

BT shares fell 5.5p to 211.6p despite the payout news as investors expressed disappointment over a bigger-than-expected decline in revenues.

Outside the top flight, Dixons Retail Group jumped 0.6p to 18.1p after it announced a bigger-than-expected 8% jump in UK like-for-like sales and said it was on track for profits near the top end of City expectations.

SuperGroup recovered 8%, or 23.75p, to 330.75p, as analysts said the sell-off in shares following a recent profits warning may have been overdone. New figures from the fashion chain still showed a 14.1% rise in sales for the 13 weeks to April 29.

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