The FTSE 100 index shed 16.10 points to 4,113 after analysts re-rated stocks that have recovered to ...
The FTSE 100 index shed 16.10 points to 4,113 after analysts re-rated stocks that have recovered to prices beyond what their earnings outlooks would suggest are fair levels.
BAE Systems was one such company, falling 7p to 147p after Commerzbank Securities lowered its rating on the stock.
Northern Rock dropped 28p to 711p, although for different reasons: Countrywide reported a drop in mortgage and insurance-related sales.
Dixons dropped 4.25p to 109.75p after announcing it sees no end to clashes with regulators that it considers uneducated in the ways of industries, such as retailing.
Mitchell's & Butlers led the FTSE 100 gainers with a 7.5p rise to 222.5p after analysts said it would benefit shareholders if the company put in a bid for brewer Scottish & Newcastle's pubs and bars portfolio that is being sold off.
Scottish & Newcastle meanwhile gained 4.25p to 393.25p.
The FTSE 250 index fell 37 points to 4,982.6.
Countrywide led the losers, dropping 30.25p to 92.75p after announcing that falling sales of mortgage and insurance products threatens existing profit forecasts – something analysts said could lead to a slew of negative pre-closed period statements from mortgage sensitive banks next week.
Manchester United surged 7p to 158p after reports that the club has struck a deal with one of the bidders for the position of new Barcelona president for the sale of David Beckham – which could bring £30m or more to the UK club.
Despite falling UK indices today, US markets have opened up this afternoon, and the Dow Jones Industrial Average index is currently up by about 58 points to 9,039.
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