More upheaval on FTSE

British Airways and British Gas owner Centrica experienced contrasting fortunes during another volatile session for London investors today.

The FTSE 100 Index made a surprise gain of more than 40 points in early trading but then slipped to 17.5 points lower as the City continued its struggle to come to terms with one of the most turbulent weeks in recent history.

By mid-morning, the Footsie was 1.3 points higher at 5672.9.

The biggest rise came from BA as investors celebrated better-than-expected full-year profits of £620m (€911m) and an increased revenues forecast.

A day after another former state-owned company, BT, posted gains of more than 8%, BA shares were up 7%, or 23p to 343p.

It was followed on the risers board by steel giant Corus as its shares reflected an increase in the takeover price offered by industry leader Mittal for European heavyweight Arcelor. Shares were up 17.5p at 391p.

British Gas owner Centrica moved in the opposite direction, down by more than 3% at 261p – a slide of 8.5p – after it warned full-year earnings would be at the lower end of expectations and that it would continue to make a loss in its residential arm if wholesale energy prices failed to drop.

Outside the top flight, MFI Furniture jumped 7%, or 7.75p to 118p, as it said it was mulling approaches from a number of parties interested in buying all or part of its ailing retail arm. That offset news of continued poor trading.

Computer games firm Sci Entertainment also made strong gains after it revealed better-than-expected sales of the latest instalment of the Tomb Raider series.

With SCi on course to return to profit, the Eidos owner saw its share price improve 30p to 510p, a gain of more than 6%.