FTSE recovering on recent losses
by Brian Turner
In London on Tuesday the FTSE 100 was up 1.2 percent to 4,861.2 and the FTSE 250 advanced by 0.9 percent to 6,786.9 on a volume of 2.9 billion shares.
Media stocks fell due to fears of a slowing in consumer spending. ITV fell 1.7 percent to 119p. BSkyB was down 1.3 percent to 533 p, while Yell Group was down by 1.4 percent to 395 ¾p.
In the pharmaceuticals sector, GlaxoSmithKline was up 2.1 percent to £13.40 after it agreed to purchase Seattle-based Corixa Corporation, which makes immunity-regulating drugs.
Elsewhere, Rolls-Royce was up 3.2 percent to 244 ½p as Credit Suisse First Boston raised its recommendation to “outperform” on expectations that the company would win more of the market share in commercial aircraft engines.
Life assurer Friends Provident rose 4 percent to 167p on a report of first quarter sales far ahead of expectations to lead the FTSE 100.
On the FTSE 250, CSR led the way with a gain of 10.5 percent, up to 333p on a positive trading update. Trade on the London market was strong after a bank holiday and in a climate of less uncertainty about the upcoming general election.
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