FTSE continues upward march
The London market resumed its upward path today to nearly recoup all of the ground lost in the wake of yesterday’s terror attacks.
Steady gains by insurers and travel firms helped the FTSE 100 Index move 58.1 points higher to 5216.4 by mid-morning, following yesterday’s drop of 71.3 points.
Many of the stocks that took a hammering at the hands of nervous investors recovered their losses, including British Airways, cruise operator Carnival and airports operating group BAA.
Sentiment was also supported by the Dow Jones Industrial Average overcoming a shaky start to close in positive territory last night.
In London, insurer Prudential was thethird highest top flight riser, adding 3% or 13p to 515.25p, while rival Friends Provident ticked up 4p to 188.25p.
British Airways advanced 5p to 265.75p as investors took a less pessimistic view of the impact of the terror attacks on the travel industry. This was also reflected in shares of BAA, which rose 8p to 607p, and Carnival – up 60p to 3219p.
Only two stocks were in negative territory: Man Group, off 9p at 1525p, and sugar specialist Tate & Lyle down 2.5p at 461p.
Corporate news was thin on the ground in the top flight, but discount clothing retailer Peacock was in focus in the lower tiers.
Peacock lifted 1% or 3p to 261p after it told investors that its new financial year had begun solidly – assisted by a drive to stock more fashionable womenswear at its core high street chain.
Supermarket group Somerfield cheered 3.25p to 193.25p following a report that Iceland-based retail investment group Baugur was close to withdrawing from the bidding battle for the group.
Market information group Taylor Nelson Sofres was heading in the opposite direction after reporting weaker demand among its businesses offering tailor-made research for customers. TNS shares weakened 10p to 207p.
