FTSE Just 8 Points Higher At End Of Sluggish Week

At the end of a slow week the FTSE climbed just a few points higher to finish at 5,625.65 or +0.15%. Financials including banks and life groups provided the biggest weight of gains while fresh M&A rumours increased demand for shares in Liberty and its owner MWB Group as well as for BskyB after indications of a News Corp takeover.

Chris Bradshaw
shareprices.com - Friday, March 12, 2010

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The top riser for the day was BskyB, which jumped by 5% to 598.00p as rumours sounded that Rupert Murdoch who already owns 40% of BskyB, may take over the group through News Corp, the US listed company run by the Murdoch family. Even though analysts were sceptical there are already signs of large scale buying of BskyB shares. Another name involved in this week's bid speculation was Barratt Development which may be an acquisition target for Persimmon. Barratt Development finished up 1.9%.

Banks and insurance companies boosted the FTSE with RBS heading up 4.98% to close at 42.57p and Lloyds Banking Group up 3.41% to close at 58.47p. HSBC was the exception, with the stock heading down 1.53% to finish at 684.00p as investors were unsettled about Thursday's news reports regarding data theft by a former employee at its Swiss operations.

A number of unrelated stocks served to drag down the FTSE with Resolution down 1.56%, Kingfisher down 1.21%, SABMiller down 1.16%, Scottish and Southern Energy down 1.14% and Imperial Tobacco Group losing 1.09%.

In other news, the emissions exchange operator Climate Exchange saw strong growth for 2009 revenues, up almost £11m from 2008 and even though sales were below expectations the company returned to the black with £2.15m in profits. Shares in Discovery Metals were also in demand as it published results from its drilling in North-West Botswana.

 

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