London’s leading shares looked set for further falls today as the benchmark FTSE 100 Index slipped below its opening mark.
Although the blue-chip index lifted 16 points in early trading, the upward movement quickly ran out of steam.
After an hour of trading the FTSE was 8.5 points into negative territory at 3932.8.
The early fall took the index back below its break-even point for the year – the FTSE entered 2003 at 3940.4.
Leading the early risers in the top flight index was ITV broadcaster Granada which bounced back from yesterday’s falls with an 7% rise after seeing underlying profits surge 35% to £65m.
Shares put on 5.25p to reach 77p.
Granada hailed the results as part of an “ITV fightback” and merger partner Carlton also benefited, leading the FTSE 250 risers’ board up 8% or 8.25p at 113p.
But the boost did not represent an across-the-board recovery for the media sector as a whole which bore much of the pressure in yesterday’s gruelling session.
Yesterday’s biggest FTSE faller Reuters lost another 4.25p to reach 156.5p.
Meanwhile high street favourite Marks & Spencer slipped below its opening mark despite posting full-year profits ahead of expectations.
Shares eased 3p to sit at 303p.
References: EGi News 20/05/03
