31.10.07
Mixed opening in London ahead of Fed statement later
30.10.07
Lower open for Footsie as positions are squared
29.10.07
Another strong start as Footsie follows Far Eastern gains
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As expected the FTSE 100 index was marked heavily lower at the open, but the early three figure fall soon saw some value buying come in, with the market down 78 points mid-morning. The biggest drop was seen at British Energy, with the shares down 9% after it said its Hartlepool Reactor 1 would be delayed following an inspection of its boiler closure units, with two other reactors also shut down as a precaution. There were predictable falls in the volatile mining sector, with Kazakhmys, Vedanta Resources and Xstrata all down more than 4%.
Shares in London paused for breath after the big reversal yesterday that saw the FTSE 100 index drop over 100 points intra-day, and by mid-morning the index was little changed. There was a recovery in some housebuilders and property stocks on value buying and the possibility of a forthcoming interest rate cut.
After an early markup the FTSE 100 index ran into a bout of heavy selling to stand down 17 points mid-morning. At the top end, Northern Rock was up 3% on continued bid speculation, but the losers were littered with property stocks after yesterday’s series of broker downgrades.
12th October – Early bout of profit taking sees buyers appear again After the sharp reversal in the US yesterday, there was a big markdown on the FTSE 100 index at the open, but buyers soon returned and by mid-morning the index was down 48 points having been much lower. BP was the pick of the risers on higher crude prices and on reflection of new CE Tony Hayward's plans for a fundamental shift in the way it operates around the world. Northern Rock also rose again after yesterday’s pullback as bid speculation returned with press reports that Richard Branson’s Virgin was interested. Another rumour concerned Resolution with talk of it is being looked at by at least one more company, thought to be Swiss Re. Miners brought up the rear on a round of profit taking.
