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London close: FTSE 100 down for tenth day running

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Date: Friday 24 Jan 2003

  • FTSE 100 3603.70 -0.51%
  • FTSE 250 4221.50 -0.59%
  • techMARK 711.83 -0.41%

LONDON (ShareCast) - The FTSE 100 share index fell to a seven-year closing low as a dismal start on Wall Street, mounting fears of a war in Iraq, and a weak showing by the UK sapped what buying enthusiasm there had been earlier in the day.

Economic news gave no support as the latest statistics for the state of the economy showed it had slowed to its lowest growth rate for a decade at 1.7% in 2002. GDP growth in the fourth quarter droped to 0.4%.

The real downer was GlaxoSmithKline on news that a study of its asthma drug Serevent had been halted after some of the patients died.

Financials did their best to spur the market forward with both life assurers and banks having a rare good day.

Lloyds TSB got a leg up from a note by Goldman Sachs suggesting it would not cut the dividend and would not need to unless FTSE 100 went all the way down to 3,250 despite the problems at its Scottish Widows subsidiary.

Legal & General has much the same problems but it is not going down without a fight. Sales last year rose by 13% and more importantly, perhaps, it quantified the extra costs of men living longer at £140m. Prudential and Aviva rose with it.

Sage rose after the good performance of technology shares overnight in the US.

Whittard of Chelsea and jewellery maker Abbeycrest responded to good figures.

House of Fraser was punished by investors on news prospective acquirer Tom Hunter has decided he will not make an offer for the group.

IndigoVision is in talks with a possible bidder and DCS leapt on contract wins.

FTSE 100 - Risers

Johnson Matthey (JMAT) 769.00p +5.20%
Granada (GAA) 65.00p +4.84%
Aviva (AV.) 398.00p +4.12%
Sainsbury (SBRY) 248.25p +3.65%
HBOS (HBOS) 577.50p +3.59%
Amvescap (AVZ) 357.00p +3.55%

FTSE 100 - Fallers

Dixons (DXNS) 101.50p -4.92%
Abbey National (ANL) 423.00p -3.86%
GlaxoSmithKline (GSK) 1087.00p -3.81%
Invensys (ISYS) 47.00p -3.59%
Rolls-Royce (RR.) 98.25p -3.44%
Compass Group (CPG) 291.00p -3.32%


FTSE 250 - Risers

N Brown (BWNG) 103.00p +7.85%
Carphone Warehouse (CPW) 65.75p +6.91%
Cable and Wireless (CW.) 68.50p +3.79%
Skyepharma (SKP) 48.25p +3.76%
Soco International (SIA) 366.50p +3.68%
Carlton (CCM) 112.25p +3.46%

FTSE 250 - Fallers

Eurotunnel (ETL) 36.25p -7.64%
Marshalls (MSLH) 204.00p -5.99%
Minerva (MNR) 170.50p -4.75%
RMC (RMC) 380.50p -4.64%
ARM Holdings (ARM) 48.25p -4.46%
Corus Group (CS.) 26.75p -4.46%


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