LONDON (ShareCast) - Equities took their lead from Wall Street overnight and shifted into reverse in the morning session, with all but a dozen or so blue-chips in the red. The Bank of England has declined to adopt the role of cavalry, and has kept its key interest rate unchanged at 5%.

Kingfisher is the biggest faller in a weak retailing sector after Goldman Sachs placed the DIY outfit on its conviction sell list.

Foods group and Primark owner Associated British Foods is down despite posting a 24% jump in third quarter revenues as it said like-for-like sales at its discount fashion chain Primark was held back by weak trading in April due to the deteriorating consumer background. Reduced profit expectations in its sugar business had a knock-on effect on fellow sugar producer Tate & Lyle.

Other retailers such as Debenhams, Next and Carphone Warehouse are posting big losses, as is sportswear retailer Sports Direct after it reported a 51.1% fall in full year profit and said it does not expect to see much growth this year as it battles against a decline in consumer spending.

On the bright side, credit checking firm Experian is wanted after reporting a 1% rise in first quarter organic revenue, despite market expectations of a decline.

Hedge fund manager Man Group is also on the up after it said funds under management (FUM) rose to $79.5bn at 30 June 2008 from $74.6bn at 31 March 2008.

Mining stocks also provide some relief from the sea of red on the Footsie leaderboard. Antofagasta is boosted by Citigroup upgrading the stock from “hold” to “buy”.

Rio Tinto is barely changed after announcing the $495m sale of the Kintyre uranium project in Western Austrralia.

Ferrochrome producer International Ferro Metals is shining after it produced record levels of ferrochrome in the second quarter of 2008 as demand for the essential ingredient in stainless steel remains strong.

Homebuilder Barratt Developments rallies after a trading update this morning. The company expects to take an £85m write-down hit in its full-year results but is on the verge of signing new banking arrangements.

German firm GfK clarified today that there was no certainty it will make an offer for market research group Taylor Nelson (TNS).

Strong international growth compensated for a slowdown in the UK market in the final quarter of recruitment firm Hays’s financial year.

Digital photography firm Photo-Me International reported a full year loss after it was hit by £19.8m of strategic and restructuring costs.

Computer aided design specialist Aveva said it is currently trading in line with expectations after a good start to the financial year.

Shares in oil explorer Soco dropped sharply as it encountered more problems drilling at the Te Giac Den ("TGD-1X-ST1") discovery well on Prospect "E", offshore Vietnam.

FTSE 100 - Risers
Experian Group (EXPN) 378.25p +4.71%
Eurasian Natural Resources (ENRC) 1,061.00p +3.31%
Man Group (EMG) 603.00p +2.29%
Antofagasta (ANTO) 588.50p +2.17%
Vedanta Resources (VED) 1,966.00p +0.77%
FirstGroup (FGP) 544.50p +0.65%
Sage Group (SGE) 203.00p +0.37%
HBOS (HBOS) 274.00p +0.18%
BHP Billiton (BLT) 1,712.00p +0.12%
Invensys (ISYS) 254.75p +0.10%

FTSE 100 - Fallers
Cadbury (CBRY) 603.00p -6.80%
ITV (ITV) 40.30p -6.28%
Kingfisher (KGF) 98.20p -6.03%
Thomas Cook Group (TCG) 191.30p -5.41%
Carphone Warehouse Group (CPW) 195.70p -5.34%
InterContinental Hotels Group (IHG) 652.50p -4.88%
Reckitt Benckiser Group (RB.) 2,531.00p -4.45%
Lloyds TSB Group (LLOY) 292.50p -4.02%
Friends Provident (FP.) 88.30p -4.02%
ICAP (IAP) 445.25p -3.73%

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