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London afternoon: Oil unsettles market

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Date: Tuesday 23 Aug 2005

  • Market Movers
  • techMARK 1,247.41 -0.21%
  • FTSE 100 5,303.60 -0.28%
  • FTSE 250 7,700.90 +0.12%

LONDON (ShareCast) - Oil prices creeping towards $66 and expectations of a subdued start on Wall Street did little to assuage nerves in London through the afternoon.

Wall Street is seen starting lower, on a dearth of actual news Dow Jones futures indicating a 14 point drop at the opening bell.

The life assurance sector seemed to be bearing the brunt of the general malaise in the market, with Prudential, Legal & General and Friends Provident all in the red.

The decline came despite some better than expected results from mutual life insurer Standard Life, which reported a 4% increase in first-half revenue, its first increase in sales for two years.

Miner Antofagasta did its best to support the market as hopes of a bid for the group following the death of its honorary president and majority owner last week continued to buoy the shares.

Numis added to the cheer as it upgraded its stance on the copper miner to “buy” from “add” and hiked its price target to 1,622p from 1,575p previously.

Shares in BAE Systems lost their earlier lead despite Deutsche Bank reiterated its 'buy' advice and lifted its price target on the shares to 370p, citing less risk in the UK and a good growth story in the US.

Fellow aerospace and defence outfit Rolls-Royce was also slipped into the red despite news that it and partner General Electric have won a $2.5bn US defence contract.

UK plasterboard maker BPB was barely changed after it announced further expansion of its international operations with the £20m new plasterboard plant in Eastern China.

Bid target Rentokil Initial topped the fallers as traders banked some profits on yesterday’s rally after Gerry Robinson said he would approach the board regarding a potential offer.

Cadbury Schweppes lost its earlier gains as dealers speculate on rumours that the drinks group is close to a sale of its European soft drinks division.

British Airways was also suffering after Smith Barney cut its earnings forecasts for the airline following the strike action earlier this month.

UK house builder Persimmon secured gains after it reported a modest increase in profits to a record level and said it was optimistic going forward.

Bookseller and newsagent WH Smith inched higher as it reassured that full year results would be as expected despite warning that trading conditions remain challenging.

Sanctuary, the music group, plunged after it won an increase in its debt facilities as it struggles on, though added that trading remains difficult.

Metal coatings specialist Bodycote said it was benefiting from stronger demand in a number of sectors alongside further outsourcing contract wins.

Beleaguered fee-charging ATM operator Scott Tod ousted its chief executive today as the group warned it would make a loss for the year

Whittard Of Chelsea fell heavily after warning that UK retail sales for the first 12 weeks of the current year are below expectations citing lower footfall and the recent terror attacks in London.

A warning of substantial full-year losses led Abbeycrest sharply lower today as the group warned late yesterday that a slump in consumer demand has affected sales of hallmarked jewellery.



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