Despite having pulled back a fraction yesterday, the UK stock markets are struggling to hold their positions again this morning as there's little to brighten investor potential.
The FTSE 100 index is currently down 10.4 points or 0.24% to 4,370, led by Allied Domecq, Cadbury Schweppes, AstraZeneca and Reckitt Benckiser.
Allied Domecq is currently down 5.75p or 1.23% to 460.5p, while soft drinks giant Cadbury Schweppes has dropped 7p or 1.5% to 461p.
Reckitt Benckiser is also down 18p or 1.16% to £15.31 and pharmaceutical giant AstraZeneca has fallen 27p or 1.12% to £23.88.
There have been only a handful of companies who have so far managed to any gains.
One of the companies still managing to hold its ground is Abbey National, having boosted the FTSE 100 for the benefit of everyone yesterday. Abbey is currently up 1.25p or 0.25% to 501.25p.
Marks & Spencer has also seen an increase in its value this morning, after rejecting Philip Green’s final bid for the high street retailer, by 4.75p or 1.31% to 368.5p.
And Scottish & Newcastle, the brewery, has risen 2.75p or 0.64% to 430p.Across in Asia, activity was much more positive today, after UFJ Holdings announced it may speed up the sale of its trust bank to Sumitomo Trust & Banking Co.
As a result, it was the banks which led trading, boosting the Topix by 1.1% to 1146.9 at 3pm close of business and left the Nikkei 225 Stock Average up 0.9% to 11,423.5 points.
This compares with trading in the US yesterday, which saw the three main indices close down after the dollar dropped to a three-month low against the euro, lowering the profit potential for some exporters.
The Nasdaq Composite index took the biggest hit and closed down 30.7 points or 1.56% to 1,935 while the S&P 500 index lost 9.2 points or 0.82% to 1,109 and the Dow Jones dropped 68.7 points or 0.67% to 10,171.5.
This could also be in part because company directors are thought to be buying more of their own company’s equity as the rally slows down.IFAonline
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