Few real trends were apparent by the close of trade in the UK. EMI marred an otherwise reasonab...
Few real trends were apparent by the close of trade in the UK. EMI marred an otherwise reasonable performance from the FTSE 100 as the stock tumbled after a profit warning. The FTSE 100 finished the day up 49.5 points to 4663.4 with 59 gainers and 29 fallers.
There was mixed news from the US, with data revealing that US consumer confidence fell to its lowest level for more than five and a half years. On the upside, this increases the likelihood of the Federal Reserve cutting interest rates for a ninth time this year when it meets next week.
Leading the gainers was Daily Mail & General Trust with a rise of 55p to 558p. A reassuring trading statement from the group helped the stock to recover some of the heavy losses it endured in the wake of recent US events.
Today's big loser amongst the large caps was music publisher EMI. The group's shares lost over a third of their value after it admitted that full-year profits were expected to come in 20% lower than forecasts. Furthermore the group added that it would be absorbing a £100m exceptional cost from restructuring. Shares in EMI fell 116p to 214p.
Over in the US at midday, earlier gains were lost and trading was relatively flat for all the key indices with the Dow Jones up 1 to 8605, the Nasdaq up 3 to 1502 and the Standard & Poor's 500 up 5 to 1009.
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