A stubborn FTSE 100 barely moved today with the city waiting for US job data which is to be annou...
A stubborn FTSE 100 barely moved today with the city waiting for US job data which is to be announced this afternoon.
At midday the FTSE 100 eked out a gain of 1 point to 5797.1.
Old economy stocks dominated the FTSE 100 leaders table with business services group Rentokil Initial on top and continuing its strong run since issuing a positive trading statement yesterday. The stock gained a further 10.5p to 225.5p.
It's been a good morning for the engineering and aerospace sector, with Rolls Royce and BAE Systems at second and third spot with gains of around 2%.
But old economy gains were modest and tempered by falls in software and telecom stocks. Feathers were ruffled again in the telecom sector after KPN Telecoms' stock plunged in Amsterdam following news it is planning a considerable rights issue to ease its debt woes.
Telecom equipment tester Spirent led the fallers with a loss of 26.56p to 241.25. Marconi fell 12.5p to 341p and Colt Telecom lost 16p to 719p. Vodafone weakened 2.5p to 178.75p threatening to fall 10% below its 194p float price.
One of the day's choice picks was AIM-listed futures and foreign exchange broker Union. The city rushed in on news it is recommending a 33p-a-share cash offer from Browallia. Shares surged 7.5p to 31p.
Disappointing day for tiddler stock Carbo. The AIM-listed manufacturer of industrial abrasives fell 1.25p to 7.5p after reporting that full-year losses increased to £3.4m from £466,000 last year. To worsen the situation it admitted the UK environment for the manufacturing industry remains difficult.
Is the US overheating?
What made financial headlines over the weekend?
Caring for children and elderly relatives
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Square Mile’s series of informal interviews