A string of major corporate results failed to prevent an early stockmarketslide today, caused in part by an overnight fall on Wall Street. Within the opening hour the FTSE was down 4.3 at 4558.5.
Enthusiasm for Halifax shares tailed off following its stunningopeningperformance yesterday which produced big windfalls for more than 7.5millionpeople.
By the close of dealing last night, the shares had fallen from theirhighestlevels and in early dealing today, the shares were down 2p at 732p.
Other banks were firmer after the big sell-off yesterday as profittakersstepped in. Analysts said the sector had become over-heated and shareprices inthe industry were ripe for a fall.
Barclays was ahead 3p to £11.38, Abbey National was 1p firmer at848p, LloydsTSB moved up 4p to 587p while Royal Bank of Scotland moved up 6p to577p.
A big improvement in annual earnings from Belhaven Brewery sparked a4p riseto 166p and Kalamazoo Computer group soared 14p to 93p on theconfirmationthat it is involved in talks which may or may not lead to a takeoveroffer forthe company.
Plans to split up Alan Sugar’s Amstrad consumer electronics groupsent thecompany 16p higher to 279p.
PA News 04/06/97
