FTSE steady ahead of news from US Federal Reserve
Heavyweight stocks helped maintain the modest recovery of the FTSE 100 Index today after decent gains for oil firms and phone giant Vodafone.
The top flight index was 18.3 points higher at 6784.9, having fallen sharply at the end of last week due to a flight from risk caused by the Iraq conflict.
Markets rose yesterday and were up again today, although progress will be tested by the latest decision on US monetary policy later in the session.
The Federal Reserve is expected to update its forecasts for the world’s biggest economy as well as scale back its quantitative easing programme.
Commodity stocks dominated the risers board as oil prices continued to creep higher, with Royal Dutch Shell up 25p to 2514p and BG Group ahead 13p to 1273p.
Elsewhere, Vodafone was 2p stronger at 197.25p and banking giant HSBC lifted 4.25p to 616.35p.
United Utilities and Severn Trent topped the fallers board after their shares began trading without the right to their latest dividend payments. The pair fell by 34p and 58.5p to 852p and 1910.5p respectively.
Mr Kipling and Ambrosia owner Premier Foods was 6% lower, off 3.4p to 54.1p, after it said “subdued” grocery markets meant it no longer expects its leading brands to grow by 2% or 3% this year, although cost cuts have kept profits on course to meet hopes.
