| CATEGORY: MARKET OVERVIEW |
Market overview: Footsie holds on |
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Mon 05 Jan 2009
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LONDON (SHARECAST) - 1630: Close Footsie held on to post modest gains Monday with investors yet to enter the market in a big way after the Christmas break.
Resource stocks did well helped by higher commodity prices. Miner Xstrata was boosted by rising metals prices, while crude's rise close to $50 a barrel helped the oil services group Amec.
Standard Chartered went well in an otherwise weak banking sector, despite Deutsche Bank cutting its price target for the Asia-focused bank to 850p from 980p. HBOS and Lloyds TSB finished among the ten worst performers.
In the mid-cap index, pub groups fell out of favour. Punch Taverns was sharply lower on press reports that it has formally started the sale process for 500 of its leased pubs by offering their existing lessees first refusal on the properties. Enterprise Inns was another big FTSE 250 faller.
FTSE 100 closed up 17 at 4,579.
1520: Footsie has edged back into the positive territory after sinking in advance of a poor opening on Wall Street. Power Generator International Power is currently the best performer. Sweeteners group Tate and Lyle is the heaviest faller. Punch Taverns, which recently offered leasees of its pubs the right to buy them, is the heaviest faller in the FTSE 250. FTSE 100 flat at 4,562.
1355: Footsie has moved into the red as we approach the US open. Sweetener giant Tate and Lyle is the heaviest faller, while Lloyds insurer Amlin, also new to the FTSE 100 is the biggest riser. Punch Taverns, which recently offered leasees of its pubs the right to buy them, is the heaviest faller in the FTSE 250. FTSE 100 down 29 at 4,532.
1250: Footsie is stubbornly holding onto its gains and still sits just in positive territory. Lloyds insurer Amlin, a newcomer to the blue chip index, leads the way. Oil services group Amec is going well, helped by a rally in the oil price. In the FTSE 250, Debenhams is up more than 12% ahead of the department store's sales update this week. FTSE 100 up 10 at 4,571.
1150: Footsie has hardly moved at all since settling just above the zero mark. Oil services group Amec leads the way, helped by a rally in the oil price. Among the fallers is supermarket J Sainsbury, which is due to report this week. FTSE 100 up 13 at 4,575.
1000: Footsie is holding onto its early gains, but only just. Resource stocks are going well with miners such as Kazakhmys and Xstrata following metals prices higher and the likes of BG Group lifted by crude's rally near $50 a barrel. Defensive stocks such as British American Tobacco and the pharmaceuticals group AstraZeneca fall back. FTSE 100 up 12 at 4,574.
0900: Footsie remains in the red with miners, higher in line with metals prices, lifting the index. In the FTSE 250, Restaurant Group is the heaviest faller after the Frankie and Benny's owner reported a fall in like-for-like sales. FTSE 100 up 32 at 4,594.
0820: Miners have given Footsie another boost following on big gains on Friday. Vedanta and Xstrata are again setting the pace. Prudential and BAE are also in demand. Schroders, LSE and Friends Provident are the worst performers so far. FTSE 100 up 41 at 4,604.
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