Date: Tuesday 01 Apr 2008
LONDON (ShareCast) - Mining stocks dominate the list of blue-chips in decline this morning as the price of gold and other precious metals weakened overnight.
End of quarter profit taking saw the price of gold for June delivery fall $15 to $921.50 an ounce in New York.
Silver, platinum, palladium and copper prices also retreated.
Abacus and Invensys drive the Electronic & Electrical Equipment sector higher.
Electronic components distributor Abacus headed higher after revealing that trading in the first half of its financial year has been in line with expectations.
Engineer Invensys is to receive a cash payment of £95m from Bombardier as part of the rescheduling of signalling contracts for the London Underground following the collapse of Metronet.
Bombadier will pay Invensys subsidiary Westinghouse Rail Systems the £95m. As a consequence there will be a reduction in the Westinghouse's order book of £550m in respect of work that would have been carried out mainly in the period 2010 to 2014.
Invensys said the payment followed the decision by London Underground Limited to rescope the new signalling work for the Sub Surface Lines (SSL), adding it is confident of winning more Tube work when the rescoped order is put back out to tender again.
Top performing sectors so far today
Electronic & Electrical Equipment 1,885.90 +4.11%
Software & Computer Services 435.80 +3.96%
Pharmaceuticals & Biotechnology 6,949.70 +3.56%
Technology Hardware & Equipment 202.20 +3.37%
General Financial 7,148.40 +3.09%
Bottom performing sectors so far today
Mining 22,717.80 -2.74%
Oil & Gas Producers 7,258.60 -1.54%
Chemicals 5,384.40 -0.61%
Automobiles & Parts 4,785.40 -0.33%
Industrial Metals 8,996.20 -0.14%
