Fortunes finally steady for FTSE
Maiden results from credit checking firm Experian were well received today following a 3% jump in its share price.
The group, which used to be part of Argos group GUS, was the leading blue-chip riser during a solid session for the London market.
The FTSE 100 Index stood 17.3 points higher at 6221.8 at mid-morning, as fortunes steadied after two uncertain sessions for the market.
Experian was ahead 22p to 622p after posting higher half-year profits and strong organic growth across its regions. The company has previously been seen as a takeover target for US buy-out firms.
Home Retail – Experian’s former partner at GUS – fared less well as its own figures contained cautious comments about consumer spending. Shares in the company, which also owns Homebase, were down 4.5p to 421.5p following a positive start.
B&Q owner Kingfisher was also affected ahead of a trading update later this month – causing its shares to fall 4.5p to 262.25p.
Pharmaceutical stocks added to the pressure on the market after falls for all the major players in the sector. GlaxoSmithKline eased 9p to 1361p, AstraZeneca dipped 32p to 2999p and Shire fell 9p to 1049.5p.
ITV was also on the fallers board, down half a penny at 114p, as bid hopes continued to be affected by BSkyB’s acquisition of a 17.9% stake.
Elsewhere, Taylor Woodrow struggled to benefit from a forecast that its full-year profits would be near the top end of expectations. With analysts still concerned about the state of the US housing market, shares were up 3p at 387p.
And Uniq shares were down as a disappointing performance from its Minsterley arm offset progress elsewhere. First-half losses were slashed by a third, but shares still fell 3%, or 7p to 193p.
