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Tuesday 07th of October 2008
April 26, 2006

FTSE 250 reaches new high


by Elaine Frei

In London on Wednesday the FTSE 250 went above 10,000 for the first time although it ended just below that level at 9,997.6, a gain of 0.3 percent on the day. The FTSE 100 also added 0.3 percent on the day to close at 6,104.3. The 100 benefited from gains in the financial sectors, while homebuilders helped the 250 into record territory.

There were declines on the day, however. British Energy dropped 4.6 percent to 682p after the price of European carbon dioxide emission credits dropped. And EMI was down 0.95 percent after recent gains when Merrill Lynch said that the benefits of a possible merger with US company Warner Music has now been incorporated into its share price. EMI closed at 285¾p.

Among financial companies, fund management group Amvescap gained 8.7 percent to 624p on a much better than anticipated first-quarter earnings report. Among banks, Lloyds TSB added 1.5 percent to 532p on a comment from Deutsche Bank that its dividend could increase next year, along with a reiteration of its “buy” recommendation and its 610p target share price.

Homebuilders were up on more rumors of mergers. Crest Nicholson was up 3.4 percent to 532½p on speculation that Bovis Homes Group is interested in buying the 23.3 percent the company currently owend by Heron International. Bovis added 0.3 percent to 908p on the talk.

Carphone Warehouse gained 5 percent to 338¾p after it’s house broker upgraded it to “outperform” and raised its target share price to 420p, a rise of 68 percent. It figures that the company’s recently launched bundled internet/phone service could increase profits by a significant amount in the next few years.

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