The UK's benchmark the FTSE 100 closed 10.50 points higher at 5915 after a shaky start to the week w...
The UK's benchmark the FTSE 100 closed 10.50 points higher at 5915 after a shaky start to the week when Lehman Brothers brokers filed an incorrect sell sheet on Monday to knock more than 200 points off the index in the final minute of trading.
The Footsie ended the week 18.2 points up and is still just 35.2 points higher for the month. Oil stocks climbed in value following gains for June energy deliveries. Gasoline (petrol) for June delivery rose 3.36 cents, an increase of 3.4%, to $1.0212 gallon in New York while Brent Crude for June delivery added 26 cents to $28.72 on the International Petroleum Exchange. Shell gained 15p to 615p and BP increased 10.5p to 625p.
Baltimore Technologies climbed 1.75p to 73p despite saying it expects earnings growth to be modest until economic conditions improve. Marconi increased 6p to 381p.
British Airways fell 8.75p to 350p on profit concern following an industry report indicated profit of major US airlines such as Delta and US Airways could fall by more than 40% this year.
Cigarette manufacturer Gallaher increased 12p to 457p after saying current trading is in line with forecasts. South African insurer Old Mutual fell 0.75p to 156.75 after announcing its funds under management were affected by volatile market conditions in the first quarter and "uncertainty" for its SA business.
British Telecommunications increased 4p to 538p on news it may sell its stake in Cetegel for $4bn. In a week when the Federal Reserve cut the US base rate figure by half a percent UK mortgage group Halifax rose 17.5p to 817p while ended the week that saw the arrival of new chairman John Robinson by falling 11p to 479p.
Mining minnow Hereward Ventures fell 0.75p to 10.75p having hit 12p on Monday - its highest price since floating on AIM in February. The Bristol based miner announced yesterday it had secured a new concession in Bulgaria where it is exploring for gold.
The US markets fell in afternoon trading with tech stocks in decline. The tech focused Nasdaq index fell 6.93 to 2186.75 while the Dow Jones lost 34.16 to 11,214.12 and the Standard & Poor's 500 fell 3.33 to 1285.16.
Palm fell $2.04 to 5.01, Dell lost a dollar to $24.88 and Agilent $2.01 to 36.72. However deeper index losses were restricted by gains for oil stocks following the June delivery price gains. Exxon Mobil rose 98 cents to $89.73, Phillips $1.88 to 67.75 and Enron $2 to 54.20.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation