After yesterday touching on lows not seen since the mid-1990s and seeing the Dow Jones Industrial Av...
After yesterday touching on lows not seen since the mid-1990s and seeing the Dow Jones Industrial Average shed 230 points, or nearly 3% overnight, the FTSE has still managed to recovered a portion of its pride and add about 30 points to 3,840 this morning.
However, the picture could easily change by the end of the day.
Steelmaker Corus led the gainers with a 2p rise to 43.5p on bets that it will be able to increase prices and that its new Brazilian partner will not be too affected by the upcoming elections in that country.
Rolls-Royce managed to turn around yesterday's losses, which came off the back of defence spending fears, adding 4p to 111.5p today.
BAE Systems also gained, adding 4.5p to 178.25p, although the stock still remains just a fraction of its 12-month high of 384p set in early June.
Worse news for Royal & Sun Alliance, however, as it shed 1p to 99.5p on news that a hitherto undisclosed pension fund deficit could put its rights issue in danger.
The stock traded at more than £8 some years ago, but under the stewardship of now deposed chief executive Bob Mendelsohn has fallen into a downward spiral that it may or may not be able to get out of.
Without the £1bn in additional cash from a rights issue, the company will have trouble writing new business next year.
Biggest loser of the day so far is Northern Rock, down 24p to 686p, with Abbey National losing 7.5p to 602.5p.
The FTSE 250 index of mid-cap stocks is down 11 points to 4,473, led down by pharmaceuticals firm Galen Holdings, which has lost 25p to 390p.
British Energy continues the rebound started yesterday, gaining another 3p to 9p, a 50% gain for those punters who were willing to take the risk.
Overnight the Dow Jones Industrial Average shed 230.06 points to close at 7,942.39, the first time it slipped below the 8,000 points level since October 1998.
Nasdaq's Composite index shed 35.68 points to 1,216.45, while Tokyo's Nikkei 225 index shed 188.54 points to 9,481.08.
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