Against the odds, the FTSE 100 posted a slim gain this morning. The city had been expecting London's ...
Shares on Wall Street tumbled on Friday after the UK markets had closed. Last week saw the Dow Jones suffer its worst ever point loss and the Nasdaq close to levels unseen since November 1998.
It was surprising then, this morning, to see the FTSE 100 up 38.8 points to 5601.6.
Much of the FTSE 100's gain was inspired by a near 17% rise in the share price of mining group Billiton. Today's big equity news is that Billiton is to merge with Australian rival BHP. This cheered Billiton's shares 48.75p to 339p.
The tech and telecom gloom didn't really materialise with selected stocks transcending earnings pessimism. Chip designer ARM advanced 10p to 308p and Telewest Communications added 4p to 124p.
Monday morning blues though for textile group Chapelthorpe. Shares slumped to an all time low in the wake of a profit warning from the company late last Friday due to increased trading problems in the US and UK as well as high raw material prices and strong sterling. Subsequently, management buyout offer talks have ended because chief executive Brian Leckie has been unable to secure funding. Shares slumped 8.75p to 13.75p.
World markets ended Friday with the Dow Jones down 2.1% to 9823.41 and the Nasdaq down 2.6% to 1890.9.
In Japan, the Nikkei 225 added 80.15 points to 12232.98 as bank shares excelled, in Hong Kong cautious trading sent the Hang Seng index 17.87 higher to 13522.04.
Three examples of compensation rule issues
Buying in baskets
Scam victims lost average £91,000
Stepped down following MBO
Helped by rising oil price