FTSE slips amid interest rate hike fears
The London market went into reverse today amid profit-taking and heightened fears of an interest rate hike before Christmas.
After moving nearly 26 points higher in early trading, the FTSE 100 Index retreated to just above the 4600 level to stand 15.70 at 4600.7 by mid-morning.
Traders took heart in the first hour from last night’s late rally on Wall Street and an interim profits announcement from supermarket chain Morrisons.
But investors saw little potential for moving the market higher and took profits, sending the Footsie back to its opening level.
Morrisons topped the Footsie risers with a 7% or 14.25p gain to 208.75p.
Drugs group Astrazeneca gained 34p to 2208p as investors welcomed a 7% rise in sales in the third quarter.
Wine and spirits group Allied Domecq lost hold of early gains to fall 5.25p to 485.75p despite saying a strong performance from its core brands had helped it boost full year profits by 6%.
