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.

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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