13.09.07
Uncertain Footsie on busy day for second line reports
13.09.07
Uncertain week with value buying and oil sector gains
12.09.07
Mixed opening on Footsie after the huge rise seen yesterday
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10th August – Credit market fears lead to early rout in London again Yesterday’s jitters on world markets resulting from the problems at BNP Paribas led to another heavy markdown in London, with the FTSE 100 index down over 100 points. The financial sector was hit hard with Man Group and Standard Chartered amongst a raft of big fallers on rumours that Man would delay the public offering of one of its hedge funds, while Standard is thought to be interested in South African bank Nedbank. In the only blue chip results today, Old Mutual, which actually has a majority stake in Nedbank, saw operating profit on an EEV basis 12% lower at £782m, slightly below market forecasts and the shares dropped 1.85 with the market.
There was the expected markdown in London early on this morning, and since then buyers and sellers have been evenly matched with the FTSE 100 index down 47 points mid-morning. Financial stocks are again in the doldrums, with Standard Chartered, Schroders and Northern Rock leading the fallers. At the top end Unilever is higher after sector peer Nestle reported solid H1 profit growth above estimates, and Scottish & Newcastle is also strong on renewed talk of bid interest from Carlsberg.
After the breathless rise of yesterday, shares in London paused for breath today and by mid-morning the FTSE 100 index had settled down 40 points. Performances were mixed with no clear theme early on, and yesterday’s big winners in the mining and property sectors drifted back.
This week got off to a much better start after the sharp fall on Friday, as a steady performance in the Far East led to a sharp mark up on the FTSE 100 index, which stood up 115 points mid-morning. The news that the Bank of Japan injected a further $5.1 billion into the banking system today, with others pledging to follow suit if needed, helped to sustain buying interest.
