FTSE down 0.4% for the day after strong week

Utilities and banks dragged the FTSE down today to finish 24.03 points lower at 5703.02. Official data showed that the economic climate remains tough as business investment fell by 4.3 per cent between Q3 2009 and Q4 2009, a record 22.3 per cent annual drop. HMV, the entertainment retailer, was the highlight of the day gaining 9.5 per cent to finish at 88.3 pence in response to a strategy update.

Chris Bradshaw
shareprices.com - Friday, March 26, 2010

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Banks contributed the most to the downward trend for the day with HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered down 1 to 1.7 per cent. MAN Group lost 3.6 per cent as investors reacted to reports in the Financial Times that the hedge fund is planning to expand into the US market.

JPMorgan cut its recommendation for both International Power and Scottish & Southern Energy causing a loss of 3.9 per cent and 2.1 per cent respectively. Other defensive stocks including consumer staples, pharmaceuticals and tobacco also fell with Unilever losing 1.6 per cent as HSBC cuts its rating from "neutral" to "overweight".

Rising stocks included Marks & Spencer, up 2.1 per cent and Next, up 1.1 per cent, as results from Next boosted hopes for the retail sector. WPP rose 2.9% as analyst opinion again directed investor sentiment with ING this time placing a "buy" rating on the stock.

A new stock appeared today as Cable & Wireless Worldwide demerged from the re-named Cable & Wireless Communications. Cable & Wire Worldwide encompasses the global telecoms business of the former combined group and the stock finished trading at 92.25 pence. Cable & Wireless Communications ended at 56.75 pence for a combined total of 149 pence, up slightly from Thursday's close of 148.1 before the demerger.

 

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