FTSE flirts with break-even mark
The FTSE 100 Index hugged the break-even mark today after a cluster of stocks going ex-dividend stymied progress.
Building materials group Hanson led a quartet of blue-chip firms lower after investors lost the right to the most recent dividend payments.
But a further easing in the price of oil ensured the Footsie kept hold of the bulk of the gains of yesterday, standing only 1.7 points lower at 4941.2 by mid-morning.
A barrel of crude oil for May delivery traded at $55.69, down 35 cents, ahead of the latest data on fuel stocks in the United States this afternoon.
Shares in logistics group Exel hit their highest level since the spring of 2002, up 20p to 905.5p, as investors appeared to speculate that it could be the next blue-chip stock to attract takeover interest.
Bid rumours that swirled around Allied Domecq firmed yesterday when the drinks group confirmed a takeover approach from French group Pernod Ricard.
Shares in Allied, which closed 18% higher last night, rose in early trading before slipping back as investors banked profits to stand 2.5p lower at 630.5p.
Among the Footsie fallers, Hanson eased 16p to 482p after going ex-dividend and the same reason explained the 5.5p fall of insurer Friends Provident to 172.75p and publisher Pearson, which eased 16.5p to 638.5p.
Elsewhere, a trading update from discount chain Peacock provided a rare boost for the retail sector as it posted an improving sales trend in the first three months of the year. While business at its bonmarche chain was less positive, shares still surged 2% or 5.25p to 255.25p.
Department stores group James Beattie was another riser, up 8% or 9.5p to 122.5p, despite posting a fall in annual profits.
