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Wednesday 06th of May 2009
October 12, 2006

FTSE 250 finds another all-time high


by Elaine Frei

London equities markets saw gains on Thursday as the FTSE 100 added 0.8 percent to 6,121.3 and the FTSE 250 gained 1 percent to 10,347.3. The 100’s close was its highest since April 21, while the 250 closed at an all-time high.

There were losers on the day, however, some of them taking substantial losses. Carphone Warehouse declined 14 percent to 310p on the announcement by Vodafone that it was awarding an exclusive retail contract in the UK to rival Phones4U. Vodfone dropped 0.2 percent to 130p after the news.

Cairn Energy was also lower on the session, dropping 2.8 percent to £18.35 after dropping as low as £16.73 earlier in the day. The initial drop came after a downgrade from ABN Amro, but investors came to the conclusion that the reduction was not as bad as first thought.

Supermarket chain William Morrison dropped 0.1 percent to 249½p after Brandes cut its holding in the company to 13 percent.

Gainers on the day included the mining sector, which advanced as commodities prices rose. Anglo American was 2.7 percent higher to £23.69, while Vedanta Resources added 3.2 percent to £13.62 and Rio Tinto gained 3.5 percent to £26.65. Anglo American was helped by rumors of bids and stake building.

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