FTSE pushes upwards despite snow impact

Monday morning saw the FTSE 100 index rising, with defensive stocks bolstering prices, with retailers taking a pounding in the sub-zero temperatures. Despite light volumes due to the festive season, the index rose by 0.5 per cent, breaking through the barrier and reaching 5902 by 12.07 GMT.

Chris Bradshaw
shareprices.com - Monday, December 20, 2010

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British Airways

British Airways was one of the session's fallers with many flights cancelled due to the snow. With BA admitting that it faces further disruption and more cancellations, share prices fell by 1 per cent.

Major retailer Next was also hit hard with market concern over the impact of the harsh weather conditions on sales figures cuasing a drop of 1.6 per cent. Marks and Spencer and Tesco were other notable fallers in the sector, dropping 1.4 and 0.2 per cent respectively.

However, not all companies felt the effect of the freeze on their prices with energy stocks driving higher in the face of an increased fuel demand . The utilities rose in tandem with Scottish and Southern Energy adding 1.1 per cent, helped by ongoing market rumours of a possible takeover approach. Sector peers National Grid and Severn Trent both also benefitted from market sentiment rising 1.7 and 1.4 per cent.

Drinks company Diageo was also one of the day's risers with stocks increasing by 1.8 per cent, boosted by a lift in its rating by Unicredit and hotly tipped for significant growth from emerging markets. Hotelier Intercontinental also performed well, rising by 1.1 per cent and also expected to perform well over the coming months.

 

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