Feb 07
21
Morning call….
A little late today…The DOW closed the day up 19 points after testing the lows and closed at a new all time high. The NASDAQ & S&P each rallied sharpley from the days lows and now sit above key resistance. The FTSE, writes Greg Secker, 100 fell 32 closing at 6412 after testing the 6400 level. Futures – DOW is called down 15 points, FTSE is called up 10 points. Oil is trading at $58.10 a barrel and gold at $659.
The FTSE 100 emulated falls across Europe and in Japan on Monday despite a raft of positive data from blue-chip firms.
The index of leading shares closed 32.1 points down at 6412.3, with drinks can maker Rexam down nearly five per cent or 27p down at 517p, after it noted aluminium, freight and energy costs may retard growth this year.
Brewers were also down after full year results from Scottish & Newcastle affected confidence in the sector.
Reporting weaker-than-expected operating performance, S&N ended 23p lower at 552p.
Following suit was leisure group Whitbread, down 40p to 1685p.
Cadbury Schweppes shed 12.5p to 564p as it noted disappointing margins and the effects of last year’s salmonella scare.
InterContinental Hotels lost 25p to 1252p after a 14 per cent drop in full-year profits.
In positive territory was banker Barclays, closing 3p higher at 784.5p, after reporting £7 billion-plus profits.
Despite weaker-than-expected results, drugs firm Shire bossed the leaders as investors took cheer from its £1.33 billion acquisition of US firm New River Pharmaceuticals.
The shares ended 40p up to 1115p.
Energy firm Drax was also in positive territory, up 24.5p to 686.5p, after a broker upgrade from Goldman Sachs.
Building materials group Hanson pushed up more than three per cent on news of consolidation in the sector; shares ended up 23.5p to 835p.
The top three risers were Shire and Hanson.
The bottom three losers were Rexam, Scottish & Newcastle and Bradford & Bingley.
