Shares moved to a three-month high today as the FTSE approached the 4,000 points level this morning ...
Shares moved to a three-month high today as the FTSE approached the 4,000 points level this morning before profit-taking pushed the index back to a gain of 48.80 points at its close of 3,966.5.
Reuters, one of the worst performers this year so far, today led the gainers with a 8.75p rise to 128.25p.
Hilton Group, another company caught out by the economic chill of a downturn in business travel, saw its shares rise 10.5p to 156.5p.
Schroders faced down a threatened shareholder revolt over the level of pay to its top executives, and said all motions were passed at its annual general meeting, helping shares jump 42.25p to 641p.
ICI managed to hold onto this morning's gains caused by investors looking for battered stocks – it has been one of the worst performers this year – and ended the day up 5.75p at 128p.
And as investors looked to cheaper stocks, those that have done better were sold off.
Cadbury Schweppes dropped 12.75p to 336p, Centrica dropped 4p to 171.75p, and Imperial Tobacco dropped 20.5p to £10.625.
Sluggish global demand for commodities also hit BHPBilliton, which announced a cut to the prices it charges for coking coal – its shares dropped 3p to 335.75p.
The FTSE 250 had a good day too, as more than 190 member stocks made gains, pushing the index up 75.6 points to 4,358.6.
Punch Taverns led the merriment with an announcement that it is to pay a first- half dividend, while also announcing a near 40% jump in profits, pushing shares up 29.25p to 212.25p.
A new appointment to operate the Mersey Rail franchise helped support services firm Serco gain 12p to 148p.
Britannic Group rose 11.5p to 167.5p after announcing a debt restructuring program that will allow it to resume paying dividends by the first half of its next financial year.
Chubb fell for a second day after analysts cut back earnings forecasts, notwithstanding recent bid speculation, and shares ended the day down 8p at 65.5p.
In New York, further results announcements have helped push the Dow Jones Industrial Average index up 14 points to 8,499, while the broader S&P 500 index is up 6 points to 917.
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