FTSE up
Strong performances from Vodafone and gambling stocks helped the London markets move ahead today.
Vodafone chief executive Arun Sarin received some much-needed cheer as shares in the mobile phone giant rose 2.75p to 114p on the back of a first quarter sales update.
As the rest of the London market cheered the FTSE 100 Index stood 54.7 points higher at 5774.4 in the first hour of business.
Expectations had been for equity markets to get the week off to a difficult start, as attention focused on the Middle East conflict, as well as second quarter earnings in the United States and key economic numbers.
Mr Sarin, who is expected to suffer a sizeable vote against his re-appointment tomorrow, encouraged investors by maintaining forecasts for annual organic revenues growth of between 5% and 6.5%.
Online gaming stocks also stepped forward to regain some of the last week’s lost ground following sharp falls in the wake of BetonSports indictments and arrest of the chief executive David Carruthers in the US.
Party Poker owner PartyGaming shot to the top of the Footsie risers board with a gain of 5.75p to 102.5p. Second flight 888 Holdings gained 5p to 156.25p and Sportingbet lifted nearly 8% or 13p to 184p.
Among other risers, Plumb Center chain Wolseley jumped 2% after announcing plans to spend £1.35bn (€2bn) on DT Group, a supplier of building materials in the Nordic region. Shares were up 18p at 1097p.
Second-tier Dairy Crest, the maker of Clover and Country Life, saw its shares gain 10.25p to 517.25p after announcing plans to acquire doorstep delivery business Express Dairies in a deal worth £33m (€48.4m).
Dairy Crest said the combination with its own doorstep operation would create a business with two million customers and a market share of around 45%.
On the downside, oil and exploration group BG fell 11.5p to 699p after analysts said the company’s second quarter update had been disappointing.
