FTSE ends August with rise but lower overall
The FTSE 100 finished on the last day of August with a significant climb which helped pull the index away from being the poorest performing month since the collapse of the Lehman brothers. By the close of trade, the blue chips were up by 2.4 per cent, reaching 5394, a climb of over 125 points.
Top of the pile on Wednesday was the construction and materials industry, higher by 4.43 per cent overall. The sector was boosted by Norcros who announced a land deal with supermarket chain Morrisons which should be ultimately worth around £2.6 million to the firm which manufactures Triton showers. By the close of trade Norcros shares had shot upwards, increasing in value by 15.91 per cent. In the midcaps, its construction peer Balfour Beatty also performed well, rising by 5.09 per cent.
At the opposite end of the leaderboard, mobile telecommunications did not fare so well with an overall loss of 0.31 per cent. The move downwards was led by telephone giant Vodafone who dropped by 0.92 per cent on the last day of the month. This fall wiped out the gains posted in the sector by AIM firm Monitise. The mobile payments business climbed by 9.56 per cent after it reported that it had tied up a deal with RBS to provide apps for smart phones to the banking heavyweight.
Also on the back foot were real estate firms, Land Securities and British Land. Both firms were suffering after being downgraded by two places by Morgan Stanley analysts who cited concerns over the potential impact on property values as a result of the economic climate.
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