London’s FTSE-100 Index of leading shares moved ahead today as traders drew inspiration from strong gains overnight in the US.
After the first hour, the FTSE was up 20.3 points at 6289.5 after the Dow Jones Industrial Average rebounded sharply overnight from last Friday’s heavy losses.
US investors took refuge in old economy stocks, leaving the tech-dominated Nasdaq to end its session still in negative territory.
It was a trend that was followed by London investors, with utilities and energy stocks looking particularly strong. Scottish Power was up 11p at 491p, BG Group ahead 2p at 261p and Scottish and Southern Energy stronger by 5p at 590p.
Industrial gases supplier BOC also enjoyed a strong start to the day after unveiling strong first quarter results. Highlights included a 15% rise in turnover and a 16% leap in profits before tax and exceptionals.
That lifted BOC’s share price by 21p to £10.11. Banks were also pushing on, with Halifax ahead 16p at 663p, Barclays stronger by 42p at £22.31 and HSBC up 13p at £10.56.
Starch and sugars supplier Tate & Lyle, however, was having a far from sweet time after issuing a profits warning today. Shares fell 8% in the first few minutes of trading but after an hour had recovered some ground to stand 3% down, or 7p off at 265p.
EGi News 06/02/01
