Strong activity in the pharmaceutical sector managed to keep the FTSE 100 up today after GlaxoSmithK...
Strong activity in the pharmaceutical sector managed to keep the FTSE 100 up today after GlaxoSmithKline suggested one of its new drugs will improve profits margins.
Abbey National, however, prevented the index from improving on last week's losses and kept gains hovering just above its starting point.
The FTSE 100 gained 7.8 points to 4928.2, led by advances from Glaxo and AstraZeneca which rose 3.8 and 4.1% respectively, but they were offset by declines in Abbey National, HBOS and Royal Bank of Scotland Group, after Abbey warned of ``substantially lower'' 2002 pretax profit.
Cardpoint fell 6.5p, or 15%, to 36.5p on its first day of trading on London's Alternative Investment Market after the operator of 188 automated teller machines in pubs, petrol stations and shops, raised £2.5m by selling 5.8 million shares, or 31% of its equity, at 43p a share.
Ryanair Holdings advanced 25p, or 6.2%, to 426.5p as full-year profits at Europe's No. 1 no-frills airline rose 44% to Euro150.4m and sales climbed 28% to Euro 624m, largely the result of promotional sales.
Ten Alps Communications Plc (TAL LN) soared 3.5p, or 26 percent, to 17p. The media and events company posted an annual profit from a year-earlier loss following its acquisition by Sir Bob Geldof's 10 Alps Broadcasting. Net income for the year ended March 31 was £444,000 compared with a loss of £129,000.
Incisive Media, parent group of IFAonline, also suspended trading for a short time and lost 1.57% on its share value to 93.5p, after confirming it was in unexclusive talks for a reverse takeover of Financial Times Business. the finance-based trade and consumer title division from Pearson Group.
FTB publishes among other titles Financial Advisers, Investor's Chronicle and the Banker.
Tomorrow is the day when the FTSE 100 reshuffles again. ARM Holdings, Logica and Electrocomponents are all expected to be pushed out with Bunzl, Johnson Matthey and Xstrata all in. The latter three saw shares prices climb as a result of anticipated promotion from the FTSE 250.
Over in the US market, stocks rose, led by Wal- Mart Stores, after the world's biggest merchant said same- store sales were higher than expected.
Rival retailers Target and Home Depot gained after Wal-Mart said last week it expected June sales to rise 5% to 7%, but Wal-Mart itself climbed $1.67 to $56.10.
The Standard & Poor's 500 index climbed 2.34 points, or 0.2%, to 1029.71. Its index of department stores accounted for more than one-third of the gain but energy shares such as Exxon Mobil kept it from climbing any higher.
The Dow Jones Industrial Average rose 28.60 points, or 0.3%, to 9615.22. The Nasdaq Composite Index added 7.72 points to 1543.
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Via The Exchange
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