Not a great deal of movement among FTSE 100 companies by the close of trade, with the index bumped m...
Not a great deal of movement among FTSE 100 companies by the close of trade, with the index bumped moderately higher by a reasonable showing among selected technology and telecom stocks. But gains and losses among the index's elite businesses were capped at 7% and 5% respectively.
The FTSE 100 finished the day relatively unchanged, down 1 point to 5467.9.
Big news of the day was the Government's decision to block Lloyds' £19bn hostile bid for Abbey National. Lloyds TSB chief executive Peter Ellwood responded saying the bank would now focus its attention abroad. The news had already been anticipated by the city and so failed to move the stocks. Lloyds improved 1p to 670p while Abbey National slipped 7p to 1173p.
Leading the FTSE 100 gainers was Colt Telecom, up 28p to 425p followed by Sage, up 13.25p to 218p.
South African Breweries led the fallers, down 29.5p to 510p after yesterday's news of a $500m convertible bond issue. BG Group followed, down 8p to 280p.
Elsewhere among the ranks of the FTSE 250 it was a good day for Irish internet security business Baltimore Technology following the resignation of its chief executive Fran Rooney. The move has paved the way for a board shuffle which should alleviate criticism that has been directed toward the beleaguered group's management. Shares recovered 6p to 25p and topped the FTSE 250 leader board.
Choice stock of the day was embattled personal injury calims business, Claims Direct. The stock surged after its independent directors urged shareholders to reject a 10p a share bid for the company by co-founders Colin Poole and Tony Sullman saying it was too low. The stock rallied 3.5p to 13.75p.
Over in the US at midday, technology and financial weakness weighed on the Dow but all the key indices were relatively flat. The Dow Jones slipped 34 to 10264, the Nasdaq shed 11 to 2015 and the Standard & Poor's 500 lost 5 to 1193.
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