FTSE makes further gains
The FTSE 100 Index moved forward for a third successive session today as investors reflected a late rally for shares in New York.
Traders on Wall Street were buoyed by a drop off in oil prices, which helped offset unease about a mixed batch of earnings reports.
As a result the Footsie stood 10.8 points higher at 5861.9 by mid morning, after opening the week at 5719.
Northern Rock was close to the top of the risers board after lifting its long-term profits growth target from 15% to 20%. Shares rose 21.5p to 1068p, even though the company also warned that credit quality was likely to deteriorate in the coming months.
With the rest of the sector still to post half-year results, Halifax owner HBOS was down 9.5p at 950p and Alliance & Leicester fell 3p to 1022p.
Supermarket Morrison lifted 2p to 202p after Societe Generale upgraded it from sell to buy and said it believes the price war between the big four supermarkets is beginning to ease, allowing retailers to widen margins again. Rivals Tesco and Sainsbury’s both gained 2p to 359.5p and 347p.
And GlaxoSmithKline rose 6p to 1536p, as it warmed up investors for its interim results later today by revealing encouraging progress on its HSN1 pandemic flu vaccine. It said the results of clinical trials represented a “significant breakthrough” for the vaccine.
In the second flight, shares in property website Rightmove moved up 12p to 297p after it said it had cut its losses on home information packs and pulled plans for investment in new services worth £22m (€32m). The move follows a boardroom review of HIPs in the wake of the Government’s decision last week to withdraw home condition reports from the launch.
