Christmas spirit slows London trading
The London market hovered around its opening level today as dealers put their feet up ahead of the Christmas holidays.
By mid-morning, the FTSE-100 Index was up just 4.8 points at 5085, although it had managed to reverse an earlier 35-point fall.
Falls on the Dow Jones, Nasdaq and S&P last night following disappointing earnings outlooks from internet equipment maker Juniper Networks and electronic equipment maker Jabil Circuit depressed shares in London.
Traders said continued uncertainty in Argentina was causing additional worries for the market, while a slide on the Far East markets also hurt sentiment.
In London - in a very quiet day for corporate news as firms wound up for Christmas - there were few trends.
Banks were broadly lower, with HSBC off 20p at 785p, Northern Rock down 5p at 625p and Lloyds TSB off 5½p at 720½p.
Fund manager Schroders NV fell 16½p to 792p, while Amvescap was off 15p at 985p.
Chemicals firm ICI, which agreed new arrangements for the sale of its 30% stake in the Huntsman joint venture to private US chemicals firm Huntsman Corp, slipped 2%, off 8¼p to 375¼p.
But moving in the opposite direction were retailers, continuing yesterday's rising trend as high street firms geared up for the final weekend before Christmas.
Safeway was up 4p at 311p, Sainsbury was ahead 7½p at 352¼p, Next rose 2½p to 880½p and Marks & Spencer was up 2¾p at 354¾p.
Among the smaller stocks, jewellery firm Signet rose 2¼p to 89p while furniture chain MFI was up ½p at 140p.
