London stocks recover some of this morning's losses, mixed bag

After reaching a low of 5,551 early this morning the FTSE 100 index managed to recover some of its losses in early afternoon trading. By 13:25 BST the FTSE 100 index traded down 0.17 per cent or 9.33 points, staying around the 5,580 mark. Stocks showed divergent performance however stocks losing ground outnumbered stocks rising.

Chris Bradshaw
shareprices.com - Monday, October 04, 2010

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On the wining side for today is Wolseley, the supplier of building materials, gaining 2.28 per cent to 1,618p through trading today. This in response to a rating's upgrade by Credit Suisse, the bank put a target price of 1,855p on the stock.

National Grid is up by 2.03 per cent, African Barrick Gold is up 1.58 per cent and Standard Chartered is up by 1.53 per cent.

At the bottom end is Inmarsat on talks that US hedge fund Harbinger Capital is due to sell a 10 per cent stake in the satellite communications firm. Inmarsat is down by 1.8 per cent by 13:34 BST. Also losing ground is Johnson Mattey, the chemicals company, down 1.9 per cent.

Mid-cap stocks are showing a similar performance to blue chips. The FTSE 250 index is moving sideways, currently seeing a level of 10,572 – down 0.19 per cent from yesterday's close.

Investors remain concerned about European sovereign debt, especially the debt situation in Ireland where the government spent another multi-billion euro sum to further prop up its banks. In addition global recovery fears sees no sign of abating.

 

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