FTSE recovering on recent losses

| May 3, 2005 | 0 Comments
FTSE recovering on recent losses

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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