The FTSE100 is on a downward slide this morning despite a positive opening, with downgrades denting a fine Friday start for homebuilders. The index is currently 11 points (0.19%) behind to 5697.40.
A Morgan Stanley target price lowering and downgrade to ‘underweight’ has smacked building supplies firm Wolseley, down 5.21% to 445.75.
HBOS continues its recent volatility, currently sitting 3.62% behind to 286.
Falling copper prices is sending a number of miners lower, with Anglo American dipping 3.55% to 3393.
Homebuilder Persimmon is leading the way today after rebounding from some heavy falls yesterday, up 5.55% to 385.25 so far.
A Merrill Lynch rating lift to ‘neutral’ has led miner Antofagasta to go against the grain, currently 2.44% ahead to 650.50.
In New York, Wall Street received a timely boost on falling crude oil prices on Thursday, with the Dow Jones IA closing 34.03 points (0.28%) higher to 12063.09.
A Citigroup upgrade to ‘buy’ drove AIG to the best performance of the day; this insurer finished 4.92% higher to 33.07.
Boeing continued its good recent run, 3.08% ahead to 76.95.
The Tech sector flourished with chip-maker Intel among the blue-chip best, up 2.56% to 22.85.
The oil giants suffered the largest losses, with Chevron down 2.42% to 96.86 and Exxon Mobil 2.32% lower to 85.79.
News Citigroup expects more ‘substantial’ write-downs hit the banking group and sector peers, with Citi closing 1.13% behind to 20.17.
In Tokyo, Japanese stocks closed the week at a three-week low on concerns Chinese fuel demand might slow. The Nikkei 225 index finished Friday 188.09 yen (1.33%) lower to 13,942.08.IFAonline
An ambitious objective
'Something completely new'
'Illusion of control'
Reasons to be cheerful
Total investment reaches £9m