London - Britain's top share index edged higher on Thursday as investors digested mixed earnings updates, lagging continental peers after Greece approved a stringent bailout package to keep the struggling economy in the euro.
Britain's FTSE was up by 19.75 points, or 0.3 percent at 6,773.50 by 07h39 GMT, lagging a 1 percent rise for the Euro STOXX 50, with peripheral euro zone markets benefiting from a drop in yields after the dramatic vote in the Greek parliament.
Among top risers, Dixons Carphone rose 1.1 percent after the European electrical goods and mobile phone retailer beat forecasts with a 21 percent rise in yearly profit.
The retailer, which was formed in a merger last year, also said its integration was progressing well.
“In its first full year as a merged company, Dixon's Carphone is emerging as a worthy challenger to Amazon,” Simon Johnstone, analyst at Kantar Retail, said in a note.
“With strong growth in both online and store based sales, consumers are identifying Dixon's Carphone as the retailer that can and is bringing technology to life.”
Britain's biggest sporting goods retailer Sports Direct dropped 1.6 percent after it also posted a 21 percent rise in profit. But the company said it would cut its bonus scheme earnings target for 2016 after failing to make the acquisitions necessary to boost sales.
“The company has revised down targets for 2015/16 after failing to make acquisitions and the stock has slumped to the foot of the board as a result,” said Tony Cross, market analyst at Trustnet Direct.
Global mining company Anglo American also came under pressure, down 0.6 percent after it said it expected to take a writeoff of between $3-billion and $4-billion in its first-half results because of the slide in prices for iron ore and coal.
BT also dipped 0.6 percent after the British telecoms regulator said it could be made to spin off its networks unit, which wholesales capacity to rivals like Sky and TalkTalk, to boost competition in the broadband market for consumers and businesses.Reuters