Footsie surges
back through 5,900
25/02/08
Share prices open robustly following a late turnround
in New York last Friday on reports that troubled bond insurer
Ambac Financial may receive a rescue package from banks.
By 8.30am the FTSE 100 index surged back through the 5,000
level with a 93-point jump to5,981 and the Mid-250 index was
122 points higher at 10,173.
In Europe the CAC-40 in France was up 53 points and the German
DAX 45 points higher.
The banking sector remained in focus amid reports that Lloyds
TSB, 13p better at 470p, may bid for Alliance & Leicester,
up 22p to 532p.
Royal Bank of Scotland was also in good form ahead of Thursday's
results, up 21p at 399p.
AB Foods rose 12p to 888p after an in-line trading update and
properties drew strength from an upbeat statement from Hammerson,
50p higher at £11.09 following an unexpected 3% increase
in net asset value.
British Land gained 22p to 985p and Land Securities, with prospective
bidders circling its Trillium offshoot, was 42p to the good
at £15.80.
Mining shares were also well-supported with bid targets Rio
Tinto 106p up at £57.91 and Xstrata, after a mixed production
report, 81p better at £41.60.
JC Flowers takeover hopes sustained Friends Provident at 135p,up
3p and BP led a strong oil sector with a 12p rise to 560p.
Among the smaller caps Infoserve returned from suspension at
27.5p, up 6.5p on being appointed authorised Google adwords
reseller and a balance sheet restructuring with Penta lifted
Spiritel 0.10p to 0.75p.
Encouraging kimberlite results from Botswana boosted Firestone
Diamonds 12.5p to 142p and Robert Walters jumped 14.5p to 151p
in response to a 26% full-year profits increase.
Gloomy trading news hit Accuma Group at 12p, down 2.25p and
Zenith Hygiene, 2p lower at 16p and Biffa tumbled 22.5p to 345.5p
as rival bidders walked away. |
