FTSE ends flat as rally runs into sand
END-OF-DAY REPORT: Headline shares ended the day flat after a modest afternoon rally ran into sand, with positive moves by banks offsetting losses in the mining sector and with no support from the US, closed for the Independence Day holiday.
At the close of play, the FTSE100 was up just 2.01 points at 4,236.28 with the FTSE250 ahead 2.97 points at 7,376.98 and the FTSE Smallcaps 19.04 points lower at 2,224.25.
NEW YORK
US markets are closed today as part of the Independence Day holiday.
LONDON MARKETS
A positive performance from banking issues supported the London market today, with HSBC and Barclays taking up two of the top five slots on the leaderboard, despite government warnings of the consquences of a return to the "bonus culture".
HSBC added 8.7p at 509p and Barclays rose 8p at 297p, while Royal Bank of Scotland was up 0.88p at 38.78p.
Insurers retreated, with Friends Provident the biggest blue chip loser of the day, down 4.58p at 63.51p, after announcing that the demerger of F&C Asset Management has been given court approval.
Reed Elsevier was a top FTSE100 performer, up 17.25p at 457.25p, after Credit Suisse upgraded the European media sector to overweight. BSkyB also benefited from the news, closing ahead 9.75p at 464.5p.
Amongst the miners, BHP Billiton fell 13p at 1,345p on revealing it has sold its Yabulu nickel refinery in Australia. No terms were disclosed, but it is expected to result in writedowns of $675m.
Rio Tinto fell 9p at 2,026p, having sold the rump of its record rights issue.
With the price of a barrel of oil sliding $2.50 in New York overnight and trading at $66.73 this afternoon, Shell dipped 8p at 1,501p, while BP edged down 1.7p at 479.25p.
Retailers were generally out of favour, but Tesco shares closed even at 350.5p, while Sainsbury dipped 2.25p at 310.25p and Morrisons fell 2.5p at 237.75p.
Argos-owner Home Retail Group slipped 2.75p at 260.25p, one of the latest companies to face the wrath of shareholders over board remuneration.
British Airways recouped some of its recent losses when the latest traffic statistics came in a little better than had been feared. BA said on an underlying basis both premium and non-premium volumes and seat factors have now been stable for more than three months. The shares flew to the top of the leaderboard, up 6.5p at 125.5p.
National Express made up some ground, ahead 6p at 280p, although investors were still angry over its rail franchise failures.
Construction group Balfour Beatty slid 7.75p at 300.5p, despite an in-line trading update. The company said it cash position remains strong.
Offshore oil and gas contractor Cosalt lost 6p at 43.5p after revealing it fell £3.4m into the red in the half-year to 3rd May as work proved hard to come by.
Five-a-side football firm, Goals Soccer Centres, scored a rise of 2.5p at 204p after announcing it continues to trade in line with the boards expectations.
Personal storage firm Big Yellow Group dipped 5.75p at 339p, after an uneventful AGM and ahead of a trading update Tuesday.
At the close of play, the FTSE100 was up just 2.01 points at 4,236.28 with the FTSE250 ahead 2.97 points at 7,376.98 and the FTSE Smallcaps 19.04 points lower at 2,224.25.
NEW YORK
US markets are closed today as part of the Independence Day holiday.
LONDON MARKETS
A positive performance from banking issues supported the London market today, with HSBC and Barclays taking up two of the top five slots on the leaderboard, despite government warnings of the consquences of a return to the "bonus culture".
HSBC added 8.7p at 509p and Barclays rose 8p at 297p, while Royal Bank of Scotland was up 0.88p at 38.78p.
Insurers retreated, with Friends Provident the biggest blue chip loser of the day, down 4.58p at 63.51p, after announcing that the demerger of F&C Asset Management has been given court approval.
Reed Elsevier was a top FTSE100 performer, up 17.25p at 457.25p, after Credit Suisse upgraded the European media sector to overweight. BSkyB also benefited from the news, closing ahead 9.75p at 464.5p.
Amongst the miners, BHP Billiton fell 13p at 1,345p on revealing it has sold its Yabulu nickel refinery in Australia. No terms were disclosed, but it is expected to result in writedowns of $675m.
Rio Tinto fell 9p at 2,026p, having sold the rump of its record rights issue.
With the price of a barrel of oil sliding $2.50 in New York overnight and trading at $66.73 this afternoon, Shell dipped 8p at 1,501p, while BP edged down 1.7p at 479.25p.
Retailers were generally out of favour, but Tesco shares closed even at 350.5p, while Sainsbury dipped 2.25p at 310.25p and Morrisons fell 2.5p at 237.75p.
Argos-owner Home Retail Group slipped 2.75p at 260.25p, one of the latest companies to face the wrath of shareholders over board remuneration.
British Airways recouped some of its recent losses when the latest traffic statistics came in a little better than had been feared. BA said on an underlying basis both premium and non-premium volumes and seat factors have now been stable for more than three months. The shares flew to the top of the leaderboard, up 6.5p at 125.5p.
National Express made up some ground, ahead 6p at 280p, although investors were still angry over its rail franchise failures.
Construction group Balfour Beatty slid 7.75p at 300.5p, despite an in-line trading update. The company said it cash position remains strong.
Offshore oil and gas contractor Cosalt lost 6p at 43.5p after revealing it fell £3.4m into the red in the half-year to 3rd May as work proved hard to come by.
Five-a-side football firm, Goals Soccer Centres, scored a rise of 2.5p at 204p after announcing it continues to trade in line with the boards expectations.
Personal storage firm Big Yellow Group dipped 5.75p at 339p, after an uneventful AGM and ahead of a trading update Tuesday.
Story provided by Business Financial Newswire
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