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Market overview: Wall Street rise perks up Footsie

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Market overview: Wall Street rise perks up Footsie

Wed, 01 April 2009
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Market overview: Wall Street rise perks up Footsie

1630: Close Wall Street dragged London out of the red in the afternoon session, on the back of US manufacturing activity data that was not as bad as feared. By the close, almost two-thirds of the Footsie's constituents were in profit. Retailers and miners were among the biggest risers but engineering and construction firm Balfour Beatty squeezed in among the top performers after winning two major road contracts worth about £300m. The FTSE 100 was up 29 at 3,955.

1549: Telecom giant BT has rallied impressively to show a small gain on the day after spending most of the morning with the unwanted accolade of being the worst performing blue-chip. The share spent the morning under a cloud after broker Goldman Sachs downgraded it and predicted the company would suspend its dividend. Other leading shares are hitting the high road too, with retailers such as Home Retail, Next and Kingfisher to the fore. As a result, the Footsie has entered positive territory, following Wall Street's lead. FTSE 100 is up 36 at 3962.

1505: Footsie remains lower following a poor start on Wall Street. Shire is still leading the fallers, giving up yesterday's gains that came when the drug group announced it is to enlist the aid of fellow drugs giant GlaxoSmithkline’s US sales force to market Shire’s Vyvanse capsules in the US. Homebase and Argos owner Home Retail Group leads the risers. FTSE 100 down 29 at 3,896

1410: Footsie is firmly back in the red again after a brief recovery. Shire is leading the fallers again, giving up yesterday's gains that came when the drug group announced it is to enlist the aid of fellow drugs giant GlaxoSmithkline’s US sales force to market Shire’s Vyvanse capsules in the US. FTSE 100 down 32 at 3,893.

1255: The FTSE 100 is flat now, with retailers buoyant and not all miners suffering. Homebase and Argos owner Home Retail Group and B&Q firm Kingfisher are setting the pace among the risers. Silver specialist Fresnillo and diversified miner Xstrata are among the top 10, despite other miners such as Anglo American falling in line with weak metals prices. FTSE 100 flat at 3,925.

1150: Shire is now leading the FTSE 100 lower, giving up gains that came when the drug group announced it is to enlist the aid of fellow drugs giant GlaxoSmithkline’s US sales force to market Shire’s Vyvanse capsules in the USA. Anglo American leads miners lower on weak metals prices. BT slips after Goldman Sachs, downgraded the telecoms giant to ‘sell’ from ‘neutral’ with a price target of 70p. FTSE 100 down 29 at 3,904.

1025: Footsie has drifted further into the red as miners weigh on the index. Anglo American leads the sector lower but BT is the heaviest faller after Goldman Sachs, downgraded the telecoms giant to ‘sell’ from ‘neutral’ with a price target of 70p. FTSE 100 down 48 at 3,877.

0814: With all eyes on the G20 meeting in London and little in the way of company news, London's leading index has given up some of yesterday's big gains. Commodity stocks among the main fallers with mining giants Antofagasta, Lonmin, Anglo American and Eurasian Natural Resources all down more than 2%. FTSE 100 is down 32 points at 3,893.

FTSE 100 Top Risers

Name Last Chg.% Time
Royal Mail 399.70 1.91 16:43
Imperial Tobacco Group 2,679.00 0.56 17:07
Schroders 2,404.00 0.54 16:49
Intertek Group 2,631.00 0.38 17:07
G4S 251.60 0.36 16:59

FTSE 100 Top Fallers

Name Last Chg.% Time
Sainsbury (J) 234.00 -6.96 17:03
Morrison (Wm) Supermarkets 159.90 -4.99 16:41
BG Group 1,093.00 -4.12 17:07
Tesco 180.20 -3.22 17:05
Johnson Matthey 2,825.00 -3.22 17:09