Headline shares are still unchanged at the close of business with firm gains for the mining fraternity keeps the main index within the limits of their positive territory and ARM Holdings continue to outperform its competitors. At the closing of the business, the FTSE100 was up to just 5,804.78 with the FTSE 250 a bit off at 28.45 points at 11,862.66 and the FTSE Smallcaps having little changes at the 3,263.99 mark.
In New York
US stocks were mostly at the upper limit with investors buoyed by upbeat earnings from Facebook and Boeing following the news that new home sales went up 5.7 % in September. Approaching the close in Britain, the Dow Jones Industrial Average was up 32 points at 13,134 and the S&P500 was added with another 2 points at 1,415 while the Nasdaq Composite lost a point at 2,989.
Investors in London showed very little interest in picking on a fight with the main index range-bound. Encouraging news from China was greatly offset by further declines in the Eurozone. The Chinese data had no real beneficial effects on metal prices, but the miners moved much higher hopes for an improved demand. Kazakhmys was among the top leaders with 28.5p at 750p while ENRC was ahead 8.9p at 341.6 and Antofagasta went up 15p at 1,280p. Investors continued to pile into chip designer ARM holdings that further pushed the shares to the top of the scoreboards with 35.5p at 675.5p.
Oil producers made some development although crude oil prices dipped late in the sifting with Shell up 17p at 2,189.5 points and BP ahead again with 1.75p at 435p. Defence contractor BAE Systems went up 6.5p at 312.2p amid calls for Chairman Dick Olver to step down after the failed attempts to merge the EADS with 18 % shareholder INVESCO Perpetual leading the protests. Several Banks were mixed with Barclay’s decline of 2.75p at 229.9p but Lloyds increase of 0.16p at 40.45p and Royal Bank of Scotland was 1.3p higher at 279p.
On the other hand with the blue chips and cigarette maker BAT falling down 10p at 3,154p on reporting a definite fall in Q3 volumes and highlighting problems with foreign exchange costs and the costly effect of what is considered an illicit trade. Meanwhile, peer Imperial Tobacco edged up to 14p at 2,269p following Goldman Sachs upgrading their stocks from a neutral trade.
Intercontinental Hotels Group went down 7p at 1,561p with the news that the Crown Plaza operator was allegedly slowing in their economic growth in the US in Q3 offset by an upgrade from reduction to add at Alphavalue. WPP Group fell 12.5p at 808p when UBS downgraded the marketing giant from buy to neutral and cut down its target cost from 960p to 875p. Ex-dividend factors impacted a number of stocks with Insurance group Old Mutual fell 2p at 170.8p, satellite broadcaster BSkyB losing 6.13p at 719p and engineer group dropped 17p at 1,040p.