Afternoon markets watch: Barclays rises even after profits loss

Barclays rose over 30% today even though it reported a 34% drop in profits in the first six months of...

Barclays rose over 30% today even though it reported a 34% drop in profits in the first six months of the year. The bank’s writedowns exceeded analyst estimates but its profit fell less than initially anticipated. The FTSE 100 closed around the 5485 mark, largely unmoved since this morning as gains were made by Eurasian Natural Resources, Smith & Nephew and security firm GFS. However data from the housing market and falls in Reit Hammerson which posted a loss in first-half profits, meant the property sector dragged down the index. Halifax reported a 1.7% drop in house prices in July, ...