BT pension is down £6.3bn, but improved profits boost FTSE

Improved profits results for BT Group and Royal & Sun Alliance helped to leave the FTSE 100 hanging just 10 points under the 4,000 barrier by close of business. Despite also reporting a £6.3bn "black hole" in its pension fund, BT Group today revealed net income of £1.65bn in the first quarter, compared with a loss £2.6bn last time, which traders all saw as a vast improvement after a painful cost-cutting exercise. This helped the FTSE 100 index to climb 54 points or 1.4% to 3990.4, as BT Group rose 3.5p or 1.9% to 189p. Royal & SunAlliance also gained 15.5p or 13% to 135p after rep...