Mixed fortunes as FTSE slips

After posting a strong day on Tuesday, the FTSE has slid 0.1 per cent on Wednesday morning with retail fallers and miners' drops outstripping the increases in other sectors. However, the market remains on tenterhooks awaiting the outcome of the US Federal Reserve meeting with prices poised to go either way.

British company Cobham, the aerospace and electronics giant, lost 10 per cent on its price on Wednesday after it announced that the US defence contract had not been finalised and the continuing hold-ups would impact not only on the revenue for this year, but growth prospects for the last three months of the year were in doubt.

Poor results announced in the fashion retail sector piled on the pressure, with Next dropping 4 per cent, despite maintaining its year end forecast results, mainly due to a strong performance from the home shopping arm, as branch revenue showed a decline in sales. Marks and Spencers also lost, with a 2.2 per cent fall as brokers reiterated a 'sell' rating, prior to the planned trading update due from the company next week.

Financial companies had a good morning with Admiral the leaders in the field, posting a rise of 2.2 per cent. This followed the company's announcement that it was on track to meet the yearend profit target after a 50 per cent increase in turnover in the third quarter of the year. Elsewhere in the sector, banks on the whole performed well with the majority of updates due over the next week. Standard Chartered, HSBC and Barclays all had a good morning with rises of 1.2, 1.0 and 0.2 per cent respectively. The exception was Royal Bank of Scotland which dropped 0.4 per cent, with its update due to be released on Friday.

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