FTSE falls on Friday following Thursday rise
After jumping by 1.5 per cent on Thursday, the last session for the week saw the FTSE 100 index retreat back to 5990 by the close of the day, a drop of 0.2 per cent.
Chris Bradshaw
shareprices.com - Sunday, March 06, 2011
Ongoing civil unrest in Libya continued to unnerve the market with another spike in the price of oil prompting weakness in commodities.
The insurance industry was one of the supporting sectors of the day, with Standard Life leading the way after seeing its income estimate and target price upped just ahead of the 2010 business report due late in the week with a climb of 2.9 per cent. Fellow insurer Aviva followed suit with a rise of 1.4 per cent as it also saw an increase in its ratings.
The outsourcers continued their run for the week with Serco posting a significant jump of 4.6 per cent following a Bank of America Merrill Lynch upgrade. Capita also continued to rise amidst speculation over discussions with Zurich over the continuation of its contract, adding 2.7 per cent.
The banks, after performing well on Thursday with Standard Chartered the stand-out performer, were substantially weaker on Friday with losses all round. HSBC, Lloyds Banking Group and Royal Bank of Scotland all suffered losses, falling 1.5, 1.2 and 1.3 per cent respectively.
Unsurprisingly, travel companies continued to suffer, with the double effect of rising oil prices plus numerous trips being cancelled, with no sign of the troubles abating. Carnival fell by 3 per cent with International Consolidated Airlines shedding 2.9 per cent.
The biggest faller of the day in Britain's leading share index was WPP, with traders comparing the global advertising giant's poor results to rival Publicis.
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