Britain's FTSE subdued in early trade, BP gains
LONDON, March 22 |
LONDON, March 22 (Reuters) - Britain's top share index was steady to slightly weaker in early trading on Friday after falling for five straight sessions, underpinned by a rise in British oil company BP on a plan to buy-back its shares.
Investors, however, remained nervous on the possibility of Cyprus leaving the euro zone and the contagion effect of any such move. The European Union gave Cyprus till Monday to raise the billions of euros needed to secure an international bailout or face a collapse of its financial system.
At 0804 GMT, the FTSE 100 index was down 0.04 percent at 6,385.74. The index hit a five-year peak earlier this month and is now on track for its biggest weekly loss since November.
BP rose 2.1 percent to the top of the FTSE 100's gainers list, after announcing an $8 billion share buy-back programme to reward investors after it sold its stake in its Russian unit TNK-BP. (Reporting by Atul Prakash; Editing by Toni Vorobyova)
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