FTSE hits new high
The FTSE 100 Index made tentative gains to leave the London market at a fresh four-and-a-half-year high today.
Strong gains on Wall Street created a positive mood, but the lack of corporate news in London ensured the progress by the top flight index was limited to a gain of 7 points to 5835.9 by mid-morning.
The main drag in London came from Daily Mail & General Trust after it decided not to sell regional newspaper group Northcliffe, which analysts had expected to fetch more than £1.3bn (€1.9bn).
But DMGT, which publishes the Daily Mail and the London Evening Standard, said none of the offers for its regionals arm were high enough and said it would keep hold of it after recognising the benefits of a recent restructuring.
Shares in the company fell 10% or 76.5p to 669p and sent other media stocks down, with smaller rivals Johnston Press and Trinity Mirror down 31p to 457p and 34p to 587p respectively.
Elsewhere, the mining sector was looking to end a tough week on the front foot. Weaker metal prices have knocked sentiment, but shares in Rio Tinto were up 25p to 2837p and BHP Billiton added 7.5p to 968.5p as the sector brightened after a poor start to the session.
The mood in the retail sector was less optimistic as a clutch of stocks slipped on the back of yesterday’s disappointing official sales figures.
Casualties included B&Q owner Kingfisher, which fell 2p to 224p and Dixons group DSG International – 2p lower at 172p.
In the second tier, the London Stock Exchange surged 6% or 44.5p to 806p after including a higher dividend and return of capital to shareholders in its defence to a hostile takeover approach from Australian bank Macquarie.
