Finance Markets

November 28, 2006

FTSE 100 lower for sixth consecutive session

Permalink: FTSE 100 lower for sixth consecutive session

Filed under: Equities, Economy, UK

The FTSE 100 dropped 0.4 percent to 6,025.9 in London on Tuesday, ending lower for the sixth straight session and at its lowest level since the beginning of October. It has fallen 2.9 percent since its current decline began. On the other hand, the FTSE 250 was up slightly to 10,497.2.

Homebuilder Wilson Bowden was 3.7 percent higher on the session to £21.76 and Merrill Lynch raised its target share price to £24.50. Also helping the 250 was EMI; the music company added 10.4 percent to 289½p on the news that it has been approached.

The 100 was hurt by losses in the financial services sector, as Old Mutual dropped 5.8 percent to 166p on its third quarter earnings report.

Also seeing declines was ITV, which dropped 1.5 percent to 110¾p on the general opinion that the appointment of a new executive chairman makes any bids unlikely.

In the steel sector, Corus fell 0.3 percent to 498p on rumors that Tata Steel is thinking of increasing its bid. Meanwhile it put off a vote by shareholders to see if CSN of Brazil will up its offer.

Gainers on the session included tobacco company Gallaher, which added 1.7 percent to 952p on talk that Japan Tobacco might be interested. Also higher was yellow pages owner Yell, which was 2.3 percent higher to 570p on positive comments from Goldman Sachs.

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