A subdued start to the week from the FTSE 100 saw the index slip as investors decided to take a...
A subdued start to the week from the FTSE 100 saw the index slip as investors decided to take a breather from recent gains, take profits and steady the nerves.
The FTSE 100 finished Monday down 26.8 points to 5258.9.
Stocks that have performed best over the past two weeks were targeted by profit takers and led the FTSE 100 fallers. Namely, Sage, down 5% to 213p, Vodafone lost 4.5p to 141p - taking with it 15 points off the FTSE 100 and ARM lost 8.25p to 306p.
Gains were equally nominal, but Granada led the field with a rise of 4% to 136p followed by Rolls Royce, up 3% to 188p and Schroder, up 3% to 933p.
Modest gains for BP and Shell also helped minimise the FTSE 100's decline. Crude rose today following Iraq's threat to bar United Nations arms inspectors, which could prompt military action from the US to force compliance. Shell gained 10.5p to 518.5p.
Over in the states, investors were equally reluctant to buy and instead took profits. At midday on Monday, the Dow Jones was down 16 to 10555, the Standard & Poor's 500 lost 2 to 1161 while the Nasdaq slipped 19 to 1909.
As technology stocks fell victim to profit takers, financial companies J.P. Morgan Chase and American Express fared especially well and eased the Dow's decline.
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