Market overview: FTSE 100 down 32
Mar 15, 2010
Print this article
16:30 Close A sluggish performance on Wall Street helped ensure Footsie finished firmly in the red after a mostly directionless day.
Leading the mining sector down was Xstrata with rumours doing the rounds in the City that the Anglo-Swiss company is mulling a rights issue. Speculation is also hovering over Vedanta, where the word on the street is that the Indian miner is contemplating demerging its aluminium division.
On the subject of aluminium Rio Tinto has been cleared by an internal Chinese investigation of wrong doing over the collapse of its proposed tie-up with aluminium group Chinalco. The investigation instead blamed naivety, poor PR and soaring metal prices for the breakdown of the deal.
Distribution and outsourcing group Bunzl has bought Switzerland-based consumable products supplier Weita Holding for an undisclosed sum. In 2009, the Swiss company's revenue was SFr.70.9m while at the end of the year the company had gross assets worth SFr.47m.
FTSE 100 closed down 32 points at 5,594.
15:55 Footsie has drifted lower amid weakness in the US. Miners are the main drag, with Xstrata at the bottom of the pile. Chip maker ARM is down after being downgraded to 'neutral' from 'buy' by UBS. FTSE 100 down 35 at 5,590.
14:35 BT is going well after Citigroup upgraded its rating on the telecoms group to buy and lifted its price target to 150p from 145p. It thinks the stock fell too sharply after recent results. Shares in Centrica are higher after expectations of strong growth in the UK and the US have prompted Nomura to raise its rating on the British Gas owner to 370p from 340p. But downbeat miners have the whip hand and keep Footsie in the red. FTSE 100 down 20 at 5,605.
13:25 Miners continue to keep Footsie in the red. Xstrata is the heaviest faller in the sector and the whole FTSE 100. Peers Kazakhmys, Antofagasta, Eurasian Natural Resources, Fresnillo and Lonmin also fall back. Brokers have given some stocks a lift. BT is going well after Citigroup upgraded its rating on the telecoms group to buy and lifted its price target to 150p from 145p. It thinks the stock fell too sharply after recent results. Shares in Centrica are going well after expectations of strong growth in the UK and the US have prompted Nomura to raise its rating on the British Gas owner to 370p from 340p. FTSE 100 down 8 at 5,617.
11:45 Broker upgrades have helped lift stocks but the Footsie is still stuck in the red. BT is going well after Citigroup upgraded its rating on the telecoms group to buy and lifted its price target to 150p from 145p. It thinks the stock fell too sharply after recent results. Shares in Centrica are going well after expectations of strong growth in the UK and the US have prompted Nomura to raise its rating on the British Gas owner to 370p from 340p. Miners are dragging Footsie lower, with Xstrata at the bottom of the pile. FTSE 100 down 11 at 5,615.
11:00 Shares in Centrica are among the best-performing in the FTSE 100. Expectations of strong growth in the UK and the US have prompted Nomura to raise its rating on the British Gas owner to 370p from 340p. Footsie is slightly lower overall though, with plumbing supplies group Wolseley the heaviest faller. FTSE 100 down 11 at 5,614.
10:00 Eurozone employment fell by 0.2% in the fourth quarter, new figures show.
09:05 Losses in the mining sector help keep Footsie in the red. Xstrata leads the sector lower. BSkyB has slipped back following gains on Friday that came on speculation the satellite broadcaster is to be taken private. FTSE 100 down 7 at 5,618.
08:35 Telecoms are standing out on a quiet start to the week. Fixed line giants British Telecom and Cable & Wireless are both in demand, helping to offset a cautious start so far for the miners. Kazakhmys, Vedanta and Xstrata are the worst hit in the sector. FTSE 100 down 5 at 5,620.
Related articles
