London market still fluctuating
The London market continued to be dogged by uncertainty after a session of fluctuating fortunes today.
An encouraging finish to trading in New York initially gave the FTSE 100 Index a lift after 300 points were wiped from the top flight earlier in the week.
Those early Friday gains were then lost when the Footsie dived 29 points, but blue-chip shares recovered their poise to leave the top flight 10.7 points higher at 6126.7 by mid-morning.
Scottish & Southern Energy set the pace in the FTSE 100 as a strong session for power companies left the company with a rise of 45p to 1462p.
Power station firm Drax was up 12p at 723.5p, while National Grid lifted 7.5p to 758p, a gain of 1%.
Royal Bank of Scotland was also high up the risers board for a second successive session after Merrill Lynch raised its price target on the stock following full-year results yesterday. Shares were up by more than 1%, 25p to 2094p.
There was also a gain for ITV after Goldman Sachs upgraded its estimates after conducting a poll of major media buyers. Shares were up 0.75p at 109.25p.
Among companies reporting results today, pubs chain Wetherspoon slumped 5% after it warned it faced a tougher second half of the financial year. While first half profits jumped 20%, shares fell 43.5p to 664p.
Rivals operators were also impacted with Punch Taverns down 13p at 1114p and Greene King off 11p to 1050p.
Gaming group Rank was another faller for a while after it warned of the continued impact of the forthcoming smoking ban on its Mecca bingo sites. Shares later gained strength with a rise of 4.25p to 222.25p.
Meanwhile, industrial engineering firm Bodycote International jumped 22% after it said it had rejected a takeover approach from an American firm. Shares were ahead 58p at 316p.
