FTSE holds its position
The London market held its position in positive territory today as investors put the wobbles over China markets behind them.
The FTSE 100 Index stood 25.6 points up at 6627.7 by mid-morning, maintaining its rebound after losing more than 1% yesterday in response to falls in China after the Government tripled tax on stock trades to help cool the booming Chinese economy.
A flurry of broker notes and corporate results provided most of the activity on London’s benchmark index, which had been given an early fillip by strong overnight advances on Wall Street.
Among the Footsie risers, catalysts-to-precious metals group Johnson Matthey saw shares leap more than 4%, or 64p, to 1632p after an upgrade from Citigroup.
The broker said the firm was “well set” with rapid expansion expected in a number of its key markets, helping propel the group to the top of the risers’ board.
Miners were also on the front foot after a positive review of the European mining market by HSBC. Anglo American shares were up 103p at 3018p, while Xstrata was ahead 93p at 2873p and Lonmin up 79p at 3943p.
Meanwhile property firms continued their strong run from yesterday, when the stocks gained as investors sought cover amid the market volatility.
Land Securities was up 45p at 1933p, British Land ahead 29p at 1454p and Liberty International up 16p at 1208p.
Dixons and Currys owner DSG also fared well, up 3.3p at 170.8p, on news its chief executive is to stand down with news of a successor to come shortly.
In the list of share fallers, Kingfisher featured top with a 4% drop, shedding 9p to 243.75p amid general concern over the group’s prospects, despite strong first quarter results.
Pharmaceuticals giant GlaxoSmithKline continued to suffer on reports its diabetes drug Avandia is linked to heart risks, with a 1% fall, down 11p at 1317p.
A broker downgrade also saw Intercontinental Hotels shares fall, off 4p at 1347p.
