London: midday trading fitful
by Brian Turner
In London Monday, midday trading was fitful, with low volume and little advance.
Only 1.1 bn shares had been traded and the FTSE 100 had risen only 9 points to 4,858.9. The FTSE 250 was up 5 points to 7,017.9.
Oil and gas stocks were higher as oil prices rose and on news that Edinburgh Oil Gas had been approached by Oranje-Nassau E&P and Dyas UK about a takeover bid. Edinburgh Oil Gas shares rose 17.4 percent. BP was up 1.6 percent, BG Group and Shell were each up 1.4 percent, Burrin Energy was up 2.5 percent, and Cairn Energy, Dana Petroleum, and Premier Oil also each rose 1.4 percent.
Media stocks, however, were down. ITV fell 2.7 percent after takeover rumors appeared to be false. EMAP was down 1.1 percent and Daily Mail and General Trust fell 1.7 percent. Reuters lost 1.1 percent on disappointment with the price it got for Instinet, its electronic trading platform.
In the drinks sector, Allied Domecq rose 0.8 percent on reports that other companies were set to challenge Pernod Ricard’s takeover bid.
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