FTSE up again
The FTSE 100 Index racked up its fifth consecutive session of gains today to close at its highest level since mid-April.
Gains by mining stocks offset sharp losses by chemicals and paints group ICI, helping the Footsie break through the 4900 barrier to close up 19.8 points at 4902.3.
Trading was quiet as investors hung back ahead of the General Election result, keeping the top flight within a relatively narrow range throughout the day.
There was little direction from New York, where the Dow Jones Industrial Average was flat by the end of the day in London.
Miners were a key driver behind the rally as investors stuck to traditional sectors. Xstrata was the highest blue-chip climber, up 26p at 942p, followed by BHP Billiton rising 18p to 667.5p, Rio Tinto up 33p at 1638p and Antofagasta lifting 19p to 1162p.
British Airways was also in the black after revealing the number of passengers travelling in its more expensive seats rose last month. The stock was the fourth highest climber, up 6.5p to 253.5p, despite overall customer numbers falling in April against the same period last year.
On the corporate news front, attention focused on a mixed update from ICI.
The group found itself at the top of the Footsie fallers board, down nearly 7% or 17.25p to 245.75p, after it spoilt news of a good start to 2005 by warning of uncertainty in the rest of the year.
However, catalogue retailer GUS lifted 13.5p to 860p after saying its credit checking arm Experian was buying a US cost comparison website.
And BAE Systems shares were 4.25p stronger at 265.5p after the Financial Times reported the company was nearing a deal with unions to knock £1.7bn (€2.5bn) off its £2.8bn (€4.1bn) pension liability.
Insurer Prudential advanced 7.5p to 485.5p as analysts said today’s annual meeting brought into focus the likely disposal of its share in internet bank Egg.
Meanwhile, the latest milk contract review in the supermarket sector concentrated the minds of investors in three food companies.
Arla Foods rose 2p at 63.5p and Dairy Crest added 16.75p to 458p after securing supply deals with Morrisons, but Robert Wiseman missed out, causing its shares to dive 11% or 30p to 240p.
Hotels group Millennium & Copthorne was also on the slide, down 15.5p to 365p, despite saying its New York outlets had boosted the business as it made further progress in its profits recovery.
Jeweller Signet was off a penny at 97.5p after saying same-store sales in the UK were 6.2% lower in the 13 weeks to April 30 with both its H Samuel and Ernest Jones chains suffering.
The highest Footsie risers were Xstrata up 26p to 942p, International Power rising 5.25p to 191.5p, BHP Billiton up 18p to 667.5p and British Airways rising 6.5p to 253.5p.
The heaviest fallers were ICI down 17.25p to 245.75p, William Hill off 11p to 529p, Next down 29p to 1446p and Reckitt Benckiser off 29p at 1692p.
