A raft of company results and a rally in US stocks helped London shares to post modest gains today.
After an hour trading, the FTSE-100 Index was ahead by 11.1 points at 5927.8, perking up after yesterday’s subdued close.
A strong performance from the other side of the Atlantic, on the back of hopes of a potential interest rate cut, gave a helping hand to London shares.
Early risers among UK stocks included CGNU, up 2% – 21p at 988p – as traders gave the thumbs up to full year figures.
United Business Media, the former United News & Media, also leapt ahead, up 112p to 741p after unveiling an 11% hike in headline profits.
Media stocks were generally on the up, with Carlton Communications up 5p at 513p and Pearson 36p ahead at £15.06.
However, among those exerting a downwards pressure on the market was HSBC bank, which continued yesterday’s fall after the group’s full-year figures came at the low end of hopes. Shares, which fell 7% yesterday, were off 2% today, down 22p at 933p.
Another faller was Innogy, the domestic arm of the former National Power group, which slipped nearly 5% after clinching a deal to buy Yorkshire Power for £1.84bn.
The group said the deal would create the leading electricity supplier and the number two gas supplier in the UK, and would give the combined group an 11% share of the energy market. However, shares fell 10p to 196p.
EGi News 27/02/01
