London’s blue chip share index was treading water ahead of the latest interest rate decision today, despite some welcome support from heavily-weighted miners.
The FTSE 100 Index, which plunged more than 2% yesterday, rose 22 points to 5521.7 in cautious mid-morning trading.
Interest rate votes due in the UK and Europe held back gains from miners, despite a widely expected no change vote from the Bank of England.
Fears over the UK economy and the anticipated decision to hold rates at 5% saw banks litter the fallers board.
HSBC led the sector’s declines, down 17.5p at 866.25p, followed by Barclays, off 6p at 344.25p.
Retailers were also suffering after a tough previous day of trading amid further disappointing sales figures from the sector, with Marks & Spencer down 5p at 256p.
In the leisure sector, hotel and pubs group Whitbread gained 3%, or 38p to 1158p, after solid trading figures, led by its Premier Inn budget chain.
Unilever headed the list of share risers, soaring more than 6% – up 94p at 1584p – after announcing the appointment of Nestle executive Paul Polman as successor to current chief executive Patrick Cescau.
Miners followed the firms with strong gains, most notably a 147p rise for Rio Tinto, to 4750p. Meanwhile, oil major BP helped steady the Footsie, with news of an agreement with its Russian partners over the TNK-BP joint venture. BP shares lifted 18.5p to 524.5p.
But oil prices holding steady at around 109 US dollars a barrel saw airlines come under pressure.
Fuel dependent firms British Airways and cruise giant Carnival dropped 8.25p to 254.25p and 43p to 1974p respectively.
In the FTSE 250, Punch clawed its way back into positive territory today - ahead 5.5p at 283.75p – after heavy falls seen yesterday after it announced it was axing its dividend.
HOME PAGE
ARCHIVES
|