Finance Markets

January 16, 2007

London markets decline on day

Permalink: London markets decline on day

Filed under: Equities, Economy, UK

London equities markets were lower on Tuesday, with the FTSE 100 dropping 0.8 percent to 6,215.7 and the FTSE 250 falling 0.7 percent to 11,124.5.

The tobacco sector was mixed on bids rumors. Gallaher was 0.3 percent higher to £11.38 after it was said that Japan Tobacco could be working to purchase more stock. After the close these rumors were borne out as Japan Tobacco said it had added 6.3 million additional shares. Imperial Tobacco, however, dropped 0.5 percent to £20.99, hurt by a report that it would bid for Spanish cigarette maker Altadis sometime during the year.

There were mixed results in the energy sector as well. Scottish Power was 0.1 percent higher, to 742½p. Scottish & Southern Energy added 2.2 percent to £15.60 for the largest gain of the session on the 100. Both gains came amid bids rumors. Two other energy companies were lower on the session even though they are seen as more likely targets. Kelda dropped 0.1 percent to 926½p, while Centrica fell 0.8 percent to 355¼p.

In the retail sector, Kingfisher dropped 2.1 percent to 232½p on a downgrade of its long-term credit rating by Standard & Poor’s and a lowered earnings estimate from Lehman Brothers. J. Sainsbury, on the other hand, added 0.8 percent to 424½p on rumors that Lord Sainsbury of Turnville’s 15 percent stake in the supermarket is the target of a financial buyer.

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