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U.K. Stocks Swinging Between Gains And Losses

U.K. stocks are swinging between gains and losses after opening modestly higher Tuesday morning, with investors reacting to quarterly earnings reports.

After slipping into the red following an early uptick, the market recovered some lost ground and is moving around the flat line about an hour before noon.

Despite the market's sharp surge in the previous session, worries about the economic impact of the coronavirus pandemic, and U.S.-China tensions continue to weigh on sentiment.

The benchmark FTSE 100, which advanced to 6,952.91 in early trades, dropped to 5,986.77 subsequently, is up 1.82 points or 0.03 percent at 6,034.67.

Diageo shares are down more than 5 percent, weighed down by a sharp 47 percent drop in operating profits. The company also reported an 8 percent fall in net sales in the latest quarter, hurt by lockdown measures due to the coronavirus pandemic.

Intertek Group, Aveva, Experian, Hargreaves Lansdown, Rentokil Initial and AstraZeneca are down 2 to 2.5 percent.

Reckitt Benckiser, Berkeley Group, Taylor Wimpey, Smurfit Kappa Group, Auto Trader Group and Hikma Pharmaceutical Group are declining 1.5 to 2 percent.

On the other hand, EasyJet is climbing more than 10 percent, Rolls-Royce Holdings is up 6.7 percent and IAG is gaining 4.5 percent. TUI, Hiscox, Meggitt and Royal Dutch Shell are up 3 to 4 percent.

BP is up nearly 7 percent. The energy major has cut its dividend for the first time in a decade after reporting a record $6.7 billion loss in the second quarter.

BT Group shares are rising 5 percent and Melrose is moving up 4.4 percent. WPP, ITV, BAE Systems and Morrison Supermarkets are also up sharply.

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