The FTSE 100 managed a modest gain of 23.6 to 5161on Friday largely thanks to strength in the b...
The FTSE 100 managed a modest gain of 23.6 to 5161on Friday largely thanks to strength in the banking sector but the index is down 1.4% for the week.
Strength in Telecoms reversed into weakness by the end of the session leaving Mm02 the worst performer on the day with a loss of 4.6% to 51.5p.
Heavyweight stock Vodafone slipped 0.9% to 110.5p taking its decline for the week up to nearly 16% and slicing 1% off the FTSE 100. Investors baled out of Vodafone fearing more disappointing earnings are on the horizon.
It was a good day for the banking sector as HBOS advanced 3.3% to 769.5p - boosted by an earnings estimate upgrade from Deutsche Bank. Royal Bank of Scotland added 2.2% to 1873p, Barclays rose 1.6% to 2250p and Lloyds TSB gained 2.7% to 740.5p.
Oil weakened following news of a military revolt in Venezuela, the world's fourth-largest oil exporter. BP lost 1% to 584p and Shell fell 0.6% to 496.5p.
Top stock of the day was software group Sage with a rise of 5.7% to 212.5p and was the best performer in the index as it continued to rally after falling sharply earlier in the week on competition fears.
Over in the US at midday the Dow Jones added 24 to 10200, the Standard & Poor's 500 advanced 5 to 1109 and the Nasdaq was up 15 to 1740.
Outlook for income
Chris St John to take over £3bn UK Select Opps