FTSE Marks Time

Figures from the Office for National Statistics (ONS), published on Wednesday, revealed that manufacturing output in the UK fell by 0.9% in January compared with December, against market expectations of a 0.2% rise. Output did rise by 0.2% year-on-year – the first increase for nearly two years –but, once again, this was much less than predicted.

Dominic Turner
shareprices.com - Wednesday, March 10, 2010

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There was little movement in the FTSE 100 Index during the morning, but, shortly after midday, it had edged up slightly to 5,603.05 points, a gain of 1.75, or 0.03%.

Interdealer broker, Tullett Prebon, a constituent of the FTSE 250 Index was forced to admit that it had held preliminary discussions with a third party over a possible takeover after is shares leapt 64.20p, or 20.70%, to 374.4p. Tullett said, in a statement to the London Stock Exchange, "Tullett confirms that it is in preliminary discussions with a third party which may or may not lead to an offer being made for the entire issued share capital of the company." The Tullett announcement had a knock on effect on rival ICAP, which rose 12.2p, or 3.44%, to 366.8p, to lead the FTSE 100.

Nationalised lender Northern Rock – whose shares were, of course, delisted in 2008 – reported a sharp fall in annual losses, down to £257.4 million in 2009 compared with £1.36 billion in 2008. The bank was split into a so-called "good bank", Northern Rock plc, which holds savings and will eventually be sold and a so-called "bad bank", Northern Rock Asset Management, which holds "toxic" assets, at the start of the year.

The improved performance provided a fillip for the part-nationalised lenders Royal Bank of Scotland (RBS), up 0.94p, or 2.41%, to 39.92 and Lloyds Banking Group, up 0.88p, or 1.65%, to 54.06p.

 

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