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FTSE100 closes above 6,700 as investors hail Apple and Facebook earnings

Published: 18:43 24 Apr 2014 BST

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Britain's blue chip index closed above the 6,700 level on Thursday with investors hailing positive earnings reports from both sides of the Pond.

FTSE 100 closed at 6,703, that's over 28 points higher.

Traders welcomed the latest positive quarterly earnings from tech majors Apple and Facebook, pushing fears of the bubble in the sector to one side.

In the first quarter of 2014, Apple saw revenue grow to to US$45.6bn - analysts had expected $43.5bn.

The iPhone and iPad maker also approved another $30bn in share buybacks until the end of 2015 and is to boost the quarterly dividend by 8%.

Meanwhile, social networking giant Facebook trumped expectations with 72% revenue growth to $2.5bn and said mobile now made up 30% more of ad revenues than it did a year ago.

Back in blighty, AstraZeneca (LON:AZN) was the silver medallist on the list of top five gainers (beaten by Smith & Nephew after it reported results from a new clinical study) to the top spot as investors welcomed its first quarter numbers,  showing increased revenues but a drop in pre-tax profits.

There was no comment on recent reports of  a £60bn bid approach from US major firm Pfizer. Astra shares were up 3.28%.

The biggest loser was builders merchant Travis Perkins (LON:TPK)  which dropped 3.22% to 1,763p, despite announcing a hike in sales today.

In the junior market, it was a contrasting picture. FTSE AIM All-share was down 2.32 at 824.08, while FTSE AIM 100 dropped 24.15 at 3,674.15.

In small-cap world, a notable riser was Tethys Petroleum (LON:TPL), whose shares closed 6.48% up but had been up over 22% easlier in the day.

It has completed its third successful shallow gas well of the year in Kazakhstan.

Also in oil, Leni Gas & Oil (LON:LGO) went up almost  8% after revealing it will not appeal the court’s decision in its legal action against Mediterranean Oil & Gas (LON:MOG).

A High Court judge dismissed Leni Gas’s fraudulent misrepresentation action against Mediterranean Oil over the sale of a stake in an offshore Malta block last month and also ordered it to pay costs.

Tertiary Minerals (LON:TYM) went over 10% higher after it said it knows of no reason for the sharp fall in the share price recently, with the company confident over its future prospects.

The fluorspar explorer recently published a maiden JORC compliant estimate for its MB project, which doubled the tonnage of fluorspar contained within the Nevada-located deposit.

Meanwhile, shares in Bahamas Petroleum (LON:BPC) skyrocketed on Thursday as it unveiled significant board changes and spoke of positive developments on the government's drilling legislation concerning the sunshine islands.

Former CEO of several county operations at oil behemoth BP (LON:BP.), William Schrader has joined as non-exec chairman with immediate effect, while Bahamas senator James Smith C.B.E. comes aboard as deputy chairman.

Elsewhere, production from Jupiter Energy’s (LON:JPRL) Block 31 in Kazakstan edged higher in its latest quarter though a financing package for development of the Akkar East field remains the focus.

The group pumped 67,800 barrels of oil from trial production in the three months to March, generating domestic oil sales of $US2.15 mln at an average price of $US32 per barrel at the well head. Shares nudged 1.15% lower.

Meanhwhile, shares in security specialist Westminster Group (LON:WSG) were under pressure again Thursday - dropping 6.25% to 60p. 

The stock has dropped around 18% since early April and CFO Ian Selby said the firm knew of no reason for the drop.  

Westminster chief executive Peter Fowler said: "This movement in the share price is the direct opposite of what we are seeing in the business in terms of client interest and prospects for Westminster going forward."

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