FTSE sluggish on Friday after Thursday peak

The market uncertainty over the effects of the G20 meet was apparent on Friday morning as the market opened 14-17 points lower than the previous session's close. This followed a 6 month high on Thursday with the FTSE finishing at 5757, a 0.5 per cent increase.

Chris Bradshaw
shareprices.com - Sunday, October 24, 2010

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After posting strong results in the preceding days, the miners were hit the hardest in Friday's market, losing the majority of the gains made over the last week. Mining stocks are very closely associated with the Chinese economy with deliberate restraining of the Yuan having a negative effect (as the demand from China for the supply of raw materials would be anticipated as dropping). The outcome of the G20 meet and any agreement made between the US and China is therefore crucial to the future of the miners.

Tullow Oil recouped some of the 11 per cent losses made following the announcement of the errors in the 2009 fiscal reports and the resignation of the head of finance. Elsewhere in the oil industry there was positive moves with a U-turn on previous drops with a gain of 41 cents a barrel recorded. Essar Energy PLC shares rose 2.9 per cent as a result.

Another upward mover in Friday's market was British Sky Broadcasting PLC, posting a modest rise of 0.6 per cent. Share prices are expected to continue to do well following a 78 per cent increase in profit announced for the first quarter.

A new arrival in the market on Friday was Betfair, an on-line sports betting group, with shares conditionally valued at 1,300 pence with full trading due to start on 27 October.

 

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