Archive for the 'Indices' Category

The FTSE closed down 29.2 points today at 5,877.6, whilst the FTSE 250 closed down 93 points at 9,741.3. The banks pulled the FTSE down, which would have been lower had it not been for the oil stocks.

Over the pond, by the time London closed the DJI was actually up about 107 points at 12,317, whilst the S&P500 was up 5 points at 1,366, and the Nasdaq up 12 points at 2,462. News expected that home sales may be better than originally thought helped, as did news from Ronald McDonalds, who posted some decent numbers. It seems no matter how bad things are, those that use McDonalds for thier food can find the cash.  Worrying news, though, was that Lehman Brothers is raiing some serious cash thru’ a share offer at US$28 a pop, with 143m to sell.  That’s $4 bln they want to raise, so to boost the bank’s coffers. The bank also said it had lost a rather hefty US$3 bln in the 2nd quarter, which was heavier than expected. This news helped pull the London banks down.

Back here in London, the banks fell.  RBS closed nearly 12p down at just shy of 234p after saying that 95% took up the rights issue shares, which was as expected.  Peers were all dsown, with HBOS closing off nearly 24p at 307p, and Barclays closing down over 19p at 318.5p.

On to power, where we gave news this morning that France’s EDF was looking to take out British Energy had given the UK power group a boost, but this reversed during the session and it closed down 14p at 721p after saying it has actually not received any potential bid offers that are higher than the 6th June closing price of 735p.  Rumours that it had accepted the DF offer seem premature.

As we said this morning, oil had jumped a rather worrying US$11 bbl at the end of the week.  This has backed off about $2 or $3 bbl today, but the airlines and fuel users still suffered.  British Airways closed down nearly 6p at just shy of 228p, whilst orange-coloured peer easyJet closed down nearly 7p at just shy of 301p.  Cruise ship operator Carnival closed down 40p at 1,806p.

Had the oil stocks not been as strong, the FTSE would have been down much further today.  With the price of the black stuff so strong, we saw a boost to the heavyweights, with BP closing up 14p at just shy of 595p, RD Shell closing up 32p at 2,087p, BG Group up 24p at 1,280p, Dana Petroleum closed up 29p at 1,858, and Venture Production closed up 28.5p at 923.5p.  Oil services firm Petrofac also did well, closing up 62p at 7-quid on the back of a Goldman Sachs upgarde to ‘buy’ from ‘neutral’.

On to commodities, where metal prices were on the up too.  The mining sector really has been the only performer this last year, to really speak about, anyway.  Anglo closed up 43p at 3,298, Xstrata up 115p at 4,222, and Vedanta Resources closed up 25p at 2,283p.

On to the house builders, where all have had a really poor year.  This continued today, with Barratt Developments closing down 20p at just shy of 121p, Redrow down 17p at 197.5p, and Persimmons closing down 18.5p at just shy of 429p.  Persimmons, which is the only housebuilder still in the FTSE 100, looks like it will also be kicked out to the 250 in the next shuffle.

Pub group Mitchells & Butlers closed down 20p at 260.25p after weekend press reports that said M&B management had warned that it reckoned its pub beer sales (’on-trade’) would fall by over 40% in the next 10 years.

One riser worth mentioning was Informa, which closed up over 51p at 437.5p after announcing a tie-up deal with United Business Media, who closed up 12.5p at 618p.  News that this would be one bigger group was received well.

The FTSE was up about 15 points this morning at 5,920, whilst the FTSE 250 was up 3 points at 9,838. Th strength comes from the heavyweight oil companies, as the FTSE is weighted in their direction and oil jumped to a record high again.

It was a poor day on Friday over the pond, where the DJI closed down nearly 395 poinbts at 12,209.81, whilst the S&P500 closed down over 43 points at 1,360.68, and the Nasdaq down over 75 points at 2,474.56.  All three down about 3% on the day, which is the largest fall in well over a year. News in the US that it was the biggest gain in the government’s unemployment figure for more than 20 years didn’t go down well, and then add to that the leap to almost US$140 bbl in oil price, one can see why the Dow tumpled.  US$11 rise for a barrel is a significantr jump for one day, and up to a new record is rather concerning. Recent hopes that things were turning for the better were obviously very premature.  Morgan Stanley now reckons we can see US$150 bbl by 4th July, so whether thge US still celebrates as much on their independence day we’ll have to see.

In the Far East this morning the Nikkei 225 closed down 308 points at 14,181.38, whilst in Hong Kong they were having a greather for a public holiday.  Just as well.

Staying in Asia, oil trading showed that $11 had been a too bigger jump for one day, as oil prices fell back to about US$137.70 bbl.

Back here in London, as mentioned above it was the oilers that were on the up. BP up 10p to 591p, RD Shell up 32p to 2,087p, BG Group up 14p to 1,270p, Cairn Energy up 35p at 3,340p, Dana Petroleum up 55p at 1,884p, Venture Production up 26p at 921p, and Premier Oil was up 44p at 1,698p. Petrofac, the oil services firm, was up 40p at 678p after a UBS upgrade to ‘buy’ from ‘neutral’ by UBS.

British Energy was also doing well, up 6p to 741p after weekend press reports suggested France’s EDF was looking and sniffing with a £10 bln bid. Peer International Power was up 5p to 442p, and National Grid up 7p at 710p.

On to tobacco, where Imperial Tobacco was up 23p at 1,972, and peer British American Tobacco was up 13po at 1,865p.

On to the fallers, where obviously those using fuel took a hit.  British Airways was down 8p at 225.5p, whilst easyJet was down 10p at 297.5p, and cruise operator Carnival was down 28p at 1,816p.

On to the City, where our very own London Stock Exchange (LSE:LSE) feell nearly 20p to 895p as concenrs over the markets grew, whilst ICAP was down 6p at 597.5p, and SChroders was down nearly 20p at 895p.

On to the banks, where HBOS was down 6p at 328p, Lloyds TSB down 5p at 363p, and Barclays was down 3p at 334p. Barclays were a subject of weekend press reports that
the bank is looking for some £3 bln in casgh input to bolsetr its books from some foreign institutions.

On to the high street, where Marks & Sparks was down 7p at 372p, Kingfisher down 1.3p at 132.7p, and DSG Intnl was down 2p at 60.5p after a Goldman Sachs downgrade to ’sell’ from ‘neutral’.

As expected, London closed down today, the end of the week, off 88.5 points at 5,906.8, whilst the FTSE 250 closed down 175.9 points at 9,834.3.

Over the pond, by the time London closed the DJI was down about 260 points at 12,344, whilst the S&P500 was down about 25 points at 1,379, and the Nasdaq down 45 points at 2,505. This was a reaction to the non-farm payroll figures, which showed US unemployment had risen and the price of oil jumping up 6-bucks a bbl.

Back here in London, with the oil price leaping up again on concerns of Middle East possible military action & problems, it was those that use the stuff that were affected the most. British Airways, who have had a decent few days, fell nearly 21p to 233.5p, peer easyJet down nearly 26p at 307.5p, whilst cruise ship operator Carnival fell 95p to close at 1,846p.

Staying with the black stuff, where the oil related stocks were popular as oil was on the up again. Cairn Energy closed up 116p at 3,305, RD Shell up 9p at 2,055, Tullow Oil closed up 6.5p at 900.5p, Venture Production up 15p at 895p, and Premier Oil closed up 66p at 1,654p. Premier Oil had said that its overall production was above 40,000 bbl per day so far this year, and saying it was on track to reach 50,000 bbl per day at the end of 2010.

With the dollar getting weaker, the metal prices rose, helping the miners. Xstrata closed up 145p at 4,107, BHP up 25p at 1,903p, and ENRC up 32p at 1,380p.

Perth-based fuel supplier Scottish & Southern Energy, the fuel supplier, closed up 35p at 1,509p after a Morgan Stanley upgrade to ‘overweight’ from ‘equal-weight’, adding a 1,780p target, up 330p from its previous saying higher power prices and market share were very positive.

Johnson Matthey closed up 49p at 2,012 after Credit Suisse upped its target 120p to 1,770p.

On to insurance, where Standard Life closed down 15.5p at just shy of 247p after a Deutche Bank downgrade to ’sell’, adding a 266p, 23p lower.

Communication sector saw Cable & Wireless close down 4p at just shy of 164p after Thus Telecom 3.9, as Thus rejected a 165p per share cash bid from C&W. Thus closed up a penny at just shy of 157p. Peer Carphone Warehouse had a better day, up 6p to just shy of 243p after Merrill Lynch stuck it on its preferred list.

Carpetright closed down 30.5p at 765p after an Altium Securities downgrade to ’sell’ from ‘hold’, adding a 640p target, down 82p from its previous.

High Street jeweller Signet closed down 3.5p at just shy of 60p after reporting a 24% reduction in 1st quarter profit.

A bit of a rollercoaster today, with the FTSE falling down and then back to positive territory, and choosing to stay on the better side for the close, which was up 25.2 points at 5,995.3, just shy of the 6k level. Although we can add that it hit 6,005 during the session. The FTSE 250 closed up 33.3 points at 10,010.2, which is above that psychological 10k line.

As predicted, the Bank of England kept interest rates at 5%, whcih we expect to be the same for the next few months at least. Inflation, at 3%, is 1% higher than the 2% target, and looks like getting worse. With inflation rising there won’t be any interest rate cuts, and could even cause a rise if it hits 4%, but we’ll have to see. Analysts reckon that consumer confidence is back to a 20-year low, just as house prices started to fall off in the late 80s. Talking of house prices, Halifax’s housing market survey showed a 2.4% fall in May. Despite some positive moves, we feel the market has further to fall. The FTSE is so weighted with commodity stocks, that any fall back in the metals prices will see the FTSE take a tumble. Oil & metals have been rising at a much higher rate than anything else, giving the miners and oilers big boost.

Over the pond, by the time London closed the DJI was up about 125 points at 12,515, whilst the S&P500 was up over 13 points at 1,391, and the Nasdaq up 30 points at 2,533. The unemployment figures were supposed to be better than expected, as the US government said unemployment claims were down.  We’re not sure which part was down, as that’s a suprise.  Non-farm figures tomorrow. News that sales from some of the bigger US stores also helped the US markets jump today. Wal-Mart said their sales were up nearly 10% on the same month last year, which was to everyone’s suprise. It added that its International growth was at 16.6%, with the UK (Asda) seeing shoppers seek the best prices and value for money.

Back here in London, it was the miners that were holding the FTSE back. With metal prices falling, it was the big miners that saw some pull-back. Anglo American closed down 97p at 3,304, BHP down 22p at 1,878, Kazakhmys closed down 45p at 1,625, and Lonmin closed down 104p at 3,350 after a Goldman Sachs downgrade to ‘neutral’ from ‘buy’. Johnson Matthey, the big metals & chemical buyer/trader, closed off 76p at 1,963 on profit taking, despite saying its prospects remained good and posting a 16% increase in pre-tax profit at £265.4m. Merrill’s liked it, though, reminding everyone of its ‘buy’ stance and 21-quid target.

Vodafone, whcih had gone ex-div this week, closed up 5.8p at 160.45 as news that the telecoms giant was well into a JV deal with US-based Verizon to take out Alltel for £28 bln.

On to banks, where RBS closed up 9.5p at 259p, with the rights issue news coming tomorrow, and rumours of a hedge fund buying up what it could. Peer HBOS closed up 17.5p at 358p, Barclays up 11p to 363p, and Bradford & Bingley up 4.5p at 73.25p, still with the Texas Pacific private equity group sniffing with intent for 20%.

British Airways closed up 10.5p at 254.25p on the back of the recent lower oil price, whilst peer easyJet closed up 18.5p at 333.25p too.

Oil was up to US$123.50 bbl, but it didn’t seem to faze the big users, it seems. Oil companies still suffered, though, with Premier Oil closing down 56p at 1,588, and Hardy Oil & Gas down 49p at 758.

On to the housebuilders, where despite the poor housing figures they seem to be coming off the bottom. Bellway closoed up 32.5p at 626.5p despite the firm saying that the market has gone down in the last few months, resulting in over 30% drop in reservations, and broker Numis still saying it had a ‘buy’ rating. Peer Taylor Wimpey closed up nearly 5p at just shy of 83p, Bovis closed up 17p at 405p, Persimmons up 8.5p at 463.5p, and Redrow closed up nearly 13p at just shy of 227p.
Balfour Beatty closed up 8p at just shy of 427p after buying the construction management company Barnhart, prompting a double smile from ABN Amro and Landsbanki, who both reiterated their ‘buy’ stances.

In to the High Street where retailers also bounced. Home Retail Group, who own Argos, closed up 13.5p at 252p on the back of a Seymour Pierce upgrade, whilst peer Marks & Sparks closed up 11.5p at 392p. DIY experts Kingfisher, who own B&Q, closed up 3.6p at 139.5p as investors felt this week’s figures may not have been as bad as they first thought. Halfords closed up 13p at 279.5p after saying profits were up 8% to £90.2m, which was well received. Three brokers all reiterated their ‘buy’ stance on the popular sat-nav retailer.

Morrisons, the supermarket chain, closed down 7.5p at just shy of 285p after saying sales were slower.

The FTSE was up this morning, with some investors returning ahead of the interest rate decision and the US non-farm payroll figures.  With the US closing down last night, buyers came back in anyway, despite the general feeling that UK interest rates will remain at 5% for the forseeable future, so to keep inflation at a manageable level.

Over the pond last night, the DJI closed down 12.37 at 12,390.48, whislt the S&P500 closed down nearly half a point at 1,377.2, and the Nasdaq down nearly 23 points at 2,503.14.

In the Far East today the Nikkei 225 index closed up 94.45 points at 14,341.12, whilst in Hong Kong the Hang Seng recently closed 132 points at 24,255.29.

With the UK housing market in a little bit of a lull, to say the least, luunchtime’s interest rate decision will be waited for with abated breath, although it seems everyone has resigned for another month, at least, of 5%. Halifax’s housing market survey showed a 2.4% fall in May, with further price falls expected.

Back here in the London stock market, it was the banks who were cojing back in favour.  The US private equity group, Texas Pacific, has given some life back to the sector as it tries to add to its B&B stake.  RBS was up 8p at 258p, whilst HBOS was up 10p at 350.5p, Barclays up 10p at 362p, and B&B up 2p at 70.5p.

Housebuilders also did well early doors, depsite interest rates looking like they’ll remain unchanged, with Bellway rising 12p to 606p despite saying there was a big slowdown, to the tune of 30% less reservations than last year at this time.  Peers also did well, with Bovis Homes up 12p to 4-quid, Redrow up 9p at 223p, Taylor Wimpey up a penny at 79p, and Persimmon up 12p at 467p.

B&Q owner Kingfishger was up 2.4p at 138.3p, whilst Argos owner Home Retail Group was up 10p at 248.5p, and Marks & Sparks up 6p at 386.5p.

Supermarket chain Morrisons was down 8p at 284p after saying sales were slower.

The miners were down, as metal prices fell. Lonmins was down 95p at 3,359p, whiuslt Anglo was down 70p at 3,331p, BHP down 35p at 1,865p, and Rio down 93p at 5,911.

Halfords was up 8p at 274p after some good results were posted this morning.

The FTSE closed down 87.6 poinst today at 5,970.1, which was up about 37 points from the day’s low, whilst the FTSE 250 closed down 10 points at 9,976.9.

Over the pond, by the time London closed the DJI was actually up about 85 points at 12,488, wjilst the S&P500 was up 8 points at 1m385, and the Nasdaq up 34 points at 2,514.  The non-farm payroll figures cam ein better than expected, giving temporary relief from the woes of the banking sector, where Lehman Brothers said they are raising US$4 bln in a right issue.

Back here in London, it was the miners who were taking a bit of a psting as commodity metal prices were lower, as too was oil.  ENRC closed down 48p at 1,319, Kazakhmys down 66p at 1,670, Vedanta down 102p at 2,322, and Antofagastadown 14.5p at 674.5p.

AS mentioned, oil was off its recent highs, now around the US$124 bbl level, cauisng oil heavyweights to pull back somewhat.  BP closed down 23.5p at 581p, RD Shell down 60p at 2,024p, and BG Group closed down 35p at 1,230p.

Mind you, the fall in the price of the black stuff helped the airlines, with British Airways up 13p at just shy of 244p a share, having recovered from the recent lows quite well.  The airline announced longhaul premium traffic was slightly up from last year, but added that short haul premium and long haul non-premium traffic remained weak. This was still better than expected.  Its orange coloured peer, easyJet, closed up 19.5p at just shy of 315p on the back of its big competitor’s news, as well as the lower oil price of course.

As we mentioend this morning, some bigger stocks went ex-divvy, causing the yield equivalent in the shareprice to come out.  This took about 15 poiints off the FTSE level today.  Those going ex-div included: Vodafone, whioch closed down 8.1p at 154.65 and National Grid, which closed down 28.5p at 720p.

On to the financials, where the Lehman Bros news was taken hard.  Lehman fell 10% on the rights issue news, with many saying further bad news is to come elsewhere in the sector. UK banks were mainly down, with HBOS closing down over 11p at 340.5p,, and Barclays closing down over 8p at 352p.  But Alliance & Leicester was up over 12p at 412.5p as rumours that the US private equity group, Texas Pacific, will be looking to take positions in more UK banks that Bradford & Bingley.  RBS also did well, as Morgan Stanley upgraded the recently under pressure bank to ‘overweight’ from ‘underweight’, giving the sahres a needed boost of nearly 5p to 249.5p.

On to retail groups, where B&Q owner Kingfisher closed down nearly 3p at 135.9p despite being up this morning after reporting a better than expected 9% rise in 1st quarter profits.

Housebuilders had a poor day again, with Persimmons closing down over a penny at just shy of 455p after a UBS downgrade to ’sell’, Bellway down 9p to 594p, and Redrow down 9.25p at 214p.

Rumours of a management buyout at Rentokill saw the shares close up 2.5p at a quid a pop.

The FTSE was down about 65 points this morning at 5,992, whilst the FTSE 250 was also down 65 points at 9,922.  Both are now under the 6k and 10k levels.

Last night over the pond the DJI closed down nearly 101 points at 12,402.85, up about 60 points up from its low, whilst the S&P500 closed down 8 points at 1,377.65 and the Nasdaq down just over 11.05 points at 2,480.48.

In the Far East today the Nikkei 225 closed up 226.40 points at 14,435.57, whilst in Hong Kong the Hang Seng was down about 59 points at 24,317 by lunchtime chow time.

Staying in Asia, oil was down again to just over US$124 bbl.

Back here in London, there were a few heavyweights that went ex-div, so dragged down the FTSE somewhat.  These included: National Grid, down 24p at 724p; Vodafone, down 6.5p at 156.2p; and Enterprise Inns, down 13p at 447p.

Backj to oil, where the heavyweights fell back tdue to the drop in price of the black stuff.  BP was down 12p at 592p, and RD Shell was down nearly 40p at 2,045p.

The miners also suffered, with Vedanta Resources down 40p at 2,384, Xstrata down 74p at 3,971p[, and Antofagasta down 15p at 673p.

On to the housebuilders, where it was real doom and gloom.  Persimmons was down another 16p at 440p after a UBS downgrade to ’sell’ this morning, whilst Bellway was down 25p at 5778p, and Redrow 15p at 208p.

On to financials, where Man Group was down 10p to 614 after an Investec downgrade to ‘hold’ from ‘buy’.

News from Lehman Brothers, who have said they are looking at a $4 bln rights issue, caused their shares to fall 10%.  This didn’t help the banks, with HBOS falling 12p to 340p, Barclays down 7p to 353p, but RBS actually risiong 2p to 247p after an upgrade to ‘overweight’ from ‘underweight’.

British Airways was up 2p at 232.75p as hopes of some decent passenger numbers were due today.

On to retailing, where Kingfisher was up a penny to 139.8p after a near 9% increase in 1st quarter profits. Broker Seymour Pierce liked the nbews, upgrading its stance to ‘hold’ from ’sell’.

The FTSE ended the day up 50.1 points at 6,057.7, whilst the FTSE 250 ended up 58.6 points at 9,986.9.

Over the pond, by the time London closed the DJI was up 20 points at 12,524, whilst the S&P500 was up 5 points at 1,391, and the Nasdaq up 16 points at 2,508. Fed Res chairman, Bernanke, said from Barcelona that he reckons the economy will pick up later this year. News that factory orders were up 1.1%, when expected to be under 1%, was also received well.

Back here in London, we saw some of the banks bounce after yesterday’s poor Bradford & Bingley news.  RBS closed up nearly 19p at just shy of 245p on rumours that there were some trying to build a decent holding in the bank, and also that many short positions wer ebeing closed before the result of the bank’s £12 bln rights issue. It seems that RBS isn’t struggling to get out of the offer, and that investors are taking up the rights.  Peers also had a good day, with Lloyds TSB up 11.5p at just shy of 389p, and yesterday’s hot potato, B&B, closing up 1.25p at 68.25p. Broker Collins Stewart gave B&B a new target of just 60p, down from 135p, and Morgan Stanley reckoned 50p was a better target, down from 82p.  Not all banks did so well, though, with HBOS closing down over 8p at just shy of 352p, Barclays down over 5p at 360.25p, and Alliance & Leicester down nearly 3p at 400.25p.

Staying with financials, insurer Prudential closed up 15.5p at 670.5p after Merrills said it was more favoured than Arriva, whilst Royal Sun Alliance closed up 3.4p at 137.8p after ABN Amrto gave a higher target of 164p, up 9p from its previous target of 157p.

On to retailers, where Home Retail Group, who own Homebase and Argos, closed up 14.5p at just shy of 243p after a Seymour Pierce upgrade to ‘buy’ from ‘hold’.  Peer Kingfishger, who own B&Q, also looked good, closing up 3.5p at 137.6p.

Staying with retailers, Carphone Warehouse closed up 9p at 238p with rumours still around that someone will come in with a bid.

On to oil, where AMEC closed up 35.5p at 884 after saying it was helping BP with some project management on offshore work. Broker Evo reitereated its ‘add’ stance and 9-quid target.

On to minres, where ENRC closed down 77p at 1,367 on the back of rumours that fellow national Kazakhmys may sell its stake in ENRC after its lock-in period expires. Peer Vedanta also had a bad day, closing down 81p at 2,424, and peers followed too, with BHP closing down 17p at 1,931 and Rio Tinto down 41p at 6,129.

On to housebuilders, where Barratt Developments closed down 11p at 156.5p, Bellway down 20p at 603p, and Redrow closed down 9.5p at 223.25p.

Internet gaming firm PartyGaming closed down 22.5p at 277.5p after rumours said that a compromise deal with the US Dept of Justice were a bit speculative and presumptious.

the lower oil price helped easyJet, who closed up nearly 10p at 295.5p, and peer Ryanair posted some decetn figures for the year, closing up €0.23 at 2.86.

The FTSE was up about 21 points this morning at 6,029, whilst the FTSE 250 was up 38 points at 9,965. The banks seem to be coming off the floor.

Over the pond, last night the DJI closed down 134.5 points at 12,503.82, whilst the S&P500 closed down nearly 5 points at 1,385.67, and the Nasdaq down 31 points at 2,491.53. Economic weakness seems to be the feelings of woe. Today we see the US factory orders, with a slight dip from the April figure.

In the Far East today, following on from New York the Nikkei 225closed down nearly 231 points at 14,209.17, while in Hong Kong the Hang Seng recently closed down over 457 points 24,373.90.

Staying in the Far East, oil was down again as concerns over world economy will effect demand for the black stuff. Light sweet (Jul del) was down another half a buck to US£127.30 bbl, whilst Brent North Sea crude (Jul del) was down over 70 cents at at the same level - US$127.30 bbl.

Back here in London, it was the banks that were bouncing, even after the bad news fro Bradford & Bingley yesterday. This morning we saw B&B actually up a penny at 67.5p, whilst peers were up even more, with RBS up 7p at 233p, and Lloyds TSB was up 7p at 384p, and Alliance & Leicester was up 2p at 405p.

On to transport, where the airlines liked the oil price falling back. British Airways was up only a penny at 230p, but others did better. Ryanair Holdings had announced some decent full-year profits of €480.9m, up from €401.4m the previous year, and easyJet was up 5p to the good at 290p.

Back to oil & gas, BG Group was up 23p at 1,264 after announcing it announced it has signed two liquefied natural gas agreements with Petrobas of Brazil. Other oil heavyweights didn’t do as well this morning as the oil price affected both BP, down 2p at 602p, and RD Shell down 4p at 2,078.

The miners backed off after their recent interest, with Rio Tinto down 46p at 6,124, Vedanta Resources down 45p at 2,460, and Anto off 2p at 690p.

Findel was down 2p at 225p after a Goldman Sachs downgrade to ’sell’ from ‘neutral’, and a news price target down to 180p from 330p.

The FTSE 100 closed down 45.9 points today at 6,007.6, whilst the FTSE 250 closed down 121 points at 9,928.3.  We are actually pleased the FTSE broke back through the 6k level, as once under we thought it may stay there.

Over the pond, by the time London closed the DJI was down about 156 points at 12,482, whilst the S&P500 was down 14 points at 1,386, and the Nasdaq down 34 points at 2,489. Quite a drop today, which we predicted this morning in the Live Trading Room.

Back here in London it was Bradford & Bingley that was the main topic today. As we mentioned this morning, B&B issued a profits warning, said it was lowering its issue price of the rights issue from 82p to 55p, the CEO was ’stepping down’, and a US private equity group was buying 20% of the bank.  The shares closed down over 21p at 67p, down nearly a quirater.  Kleinwort jumped in by downgrading the bank to a ’sell’ from ‘add’.  Peer HBOS also had a poor day, closing down 10% on the day at 360p, off 40p. The bank had tried to reassure investors by saying that trading was satisfactory and that its £4 bln rights issue was going to plan. The B&B news probably hindered the situation, one might speculate. Peers followed, with Barclays down 9.5p at 365.5p, and Alliance & Leicester down over 22p at 403.

The miners did ok as metal commodity prices were strong, with BHP Billiton up 34p at 1,948 on the day, and Rio Tinto up 115p to 6,170, with both enjoying the news we mentioend this morning that the Chinese may up the iron ore purchase price by the region of 70%.

Tullow Oil also had a good day, closing up 22.5p at 912.5 after Morgan Stanley sung its praises and upped its target to 1,230p from 1,090. Dana Petroleum also did well, up 47p at 1,877, after saying it had made a significant gas find in Egypt, and also on the back of Morgan Stanley comments.

British Energy closed up 14p at 748 after rumours that Spanish energy company Iberdrola SA had finished sniffing and had actually made a bid of around the 885p per share level. Deutsche Bank then reminded everyone of its ‘buy’ stance and raised its target to 775p, up from 750p. Imperial Energy jumped 60p to 1,040 after saying that it had found new oil at its Kiev Eganskoye field. UBS promptly raised its target to 15-quid from 1,450.

On to building, where home construction group Persimmon closed down 14p at 467.25p, probably due to the news that mortgage approvals were at onkly 58,000 for April, a new record low. Persimmons looks like it will be booted out of the FTSE 100 later this month, where it will join Barratt Developments, who were down 15p on the day at 167.5p.

The London Stock Exchange (LSE:LSE) was down 68.5p at 958.5p on the day after Morgan Stanley reiterated its ‘underweight’ rating and cut its target to 945p from 1,060.