FTSE loses nerve ahead of Greek vote
The top share index in the UK endured a choppy day of trading on Friday, moving higher before US markets spooked investors just prior to the close. By the end of the final session of the week, the FTSE 100 was down by 0.33 per cent, reaching 5527.
Chris Bradshaw
shareprices.com - Monday, November 07, 2011
The blue chips had been trading perkily all day but the release of the US jobs figures sent some investors scurrying to cash in on their profits, while the market awaits the Greek vote of confidence, an occasion which the current Prime Minister, George Papandreou, says he is unconcerned about.
Ahead of the battle for power in Greece, investors sought refuge in defensive shares with Imperial Tobacco Group a top ten gainer with a rise of 1.60 per cent.
At the opposite end of the leaderboard, International Airlines Group was the day's heaviest faller with losses of 6.83 per cent. The hefty drop followed news that British Airways owner, IAG, is to purchase fellow UK airline firm, British Midland from Deutsche Lufthansa, subject to due diligence being completed and approval from the regulators. The company has been performing well, with revenue higher by 2.2 per cent in the last quarter, despite the squeeze being felt from the rising cost of fuel.
In contrast, the star performer of the day was ARM Holdings, up by 7.14 per cent and helping to boost the technology hardware and equipment sector to a gain of 5.54 per cent. The firm was lifted after Hewlett Packard announced that it is to use ARM chips in its latest product line, a potentially huge profit source for the technology firm, given the size of the PC manufacturer.
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News
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