27.07.07
A strong rally seen this morning in response to the huge fall yesterday
26.07.07
A busy corporate day sees FTSE fall away again
26.07.07
Severe volatility hits markets as corporate results dominate
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After an early rally, shares in London drifted back on unfolding news of a bomb planted in the centre of the capital. One area that was already weak was property, where the sector was hit after HSBC cut its price target on Land Securities to 2000p from 2240p. It also lowered its view on Segro , formerly Slough Estates, to 'underweight' from 'neutral' with a reduction in that company’s target to 625p from 840p as part of a review of the sector.
Elsewhere, most of the major movers followed the morning’s corporate results with the trading statement from Drax seen as slightly disappointing. The group said it had continued to trade in line with expectations since final results in March and announced it would pay both an interim and special dividend for the half year, but the shares were down just over 3%. On a more positive note, Berkeley once again pleased the market by posting a 14% rise annual profits to £188.1m, well ahead of forecasts. Forward sales are up by 18% to £936m, and the group added that market conditions remained favourable, which please the market against the background of housing market concerns, and the shares rose 2.6%. Aegis reported that trading was on track with organic revenue growth across the group very healthy, though currency movements still remain a problem.
