British Airways, Granada and Hays are just some of the stocks which have been keeping the FTSE 100 a...
British Airways, Granada and Hays are just some of the stocks which have been keeping the FTSE 100 afloat, but it has been some resistance to the US market which is suffering from nervous investor sentiments.
The FTSE 100 climbed 24.9 points or 0.5% to 5189.7 on the back of strong movements downwards earlier this week for British Airways, which are now being snapped up again ahead of BA's financial results on Monday.
Even though BA is expected to post a net loss or around £150m for the last quarter of 2001, compared with profits of £58 in Q4, 2000, investors are still buying and perhaps recouping some of their previous losses as the earlier selling now makes the stock look favourable in price at 212.25p.
Hays, the recruitment and distribution firm, has been boosted from a "hold" to a "buy" to push the share price up 3.5% to 199.75p while Granada's share price also rose 2.2% to 126.25p.
AstraZeneca, Europe's second biggest drug company proved today why pharmaceutical firms are often the last to suffer during a recession as its posted a huge 42% increase in fourth quarter profits to $759m and is expected to meet analysts predictions for the full year.
However, Royal & SunAlliance suffered again today and saw its stock price drop another 4.4% to 319p as investors are worried the payouts to Asbestos claims in the US could be substantially higher than initially anticipated.
Over in the US, activity has not been as positive as first predicted because the jitters is now forcing shareholders to question whether companies are really worth the money they have paid.
General Electric and Citigroup are both targets today, along with Waste Management which missed its fourth quarter profit estimate, and Morgan Stanley Dean Witter, which has been banned for five weeks from trading stocks for its own unit because it violated trading regulations.
The Dow Jones is down a fraction to 9895.29 points and the S&P 500 Index has lost 0.7% to 1122.09 while the Nasdaq Composite Index has lost 0.6% to 1921.61.
‘Most significant’ upgrade since launch
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