Shares Close on Index High
May 10, 2011
``The market has gained back in three weeks what it took three months to lose,'' said Markita Pardo, at HSBC James Capel. He said the market continues to be supported by stable bond markets and positive corporate earnings. The blue chip FT-SE 100 closed 13.0 points higher at 3918.7 on provisional volume of 534.6 million shares. The benchmark September futures contract was trading at 3941.0, compared with Tuesday's close at 3923.5. The index opened higher following a 17-point gain in the Dow Jones Industrial Average in New York late Tuesday, and set a new intraday high of 3922.1 after Wall Street opened higher again. The FT-SE 250 index of second-liners rose 9.5 points to end the day at 4437.8 points. The only U.K. economic data released today was non-E.U. trade deficit. Figures showed the deficit narrowed to 506 million pounds for July from the downwardly revised 1.09 billion pounds in June, which was well below median forecasts of 900 million pounds. Among actively traded shares, brewing retailer Allied Domecq rose 15 pence to 466.5 following Tuesday's announcement that it has finalized details for the 200 million pounds sale of its 50% Carlsberg-Tetley stake. B.A.T Industries PLC also added to Tuesday's gains, closing 13 pence higher at 449.5 following Friday's U.S. court ruling against a cigarette smoker. Lloyds TSB Group PLC climbed 8.5 pence to 380.5, as rumors circulate that the banking group wants to buy the remaining shares in Lloyds Abbey Life it doesn't already own. The rumor could not be verified. Shares in Lloyds Abbey Life rose 32 pence to close at 593 Wednesday as another rumor suggested Prudential Corp. was eyeing the company as a possible acquisition target. Again, the rumor could not be verified. Retailer WH Smith Wednesday reported a loss of 184.6 million pounds for the year ended February 11, 2011 with a profit of 101.9 million pounds last year. Shares in the company slipped 4.5 pence to end the day at 509.5 pence per share, largely on profit-taking, as the underlying pretax profit was better than analysts expectations. Shares in BTG PLC rose 55 pence to close at 1755 pence per share following the announcement it has signed an exclusive licensing agreement with Forest Laboratories Inc. to develop and market a new painkiller. Dairy products specialist Dairy Crest Group PLC made its debut onto the London Stock Exchange Wednesday at 155 pence per share and saw the stock close at 196.5 pence per share. One observer said most of the buying interest came through the group's brokers, Hoare Govett Securities Ltd.. Shares in General Electric Co.. PLC closed lower, falling 5.5 pence to 385.5 following press reports that shareholders may protest the proposed pay package of new chief executive Georgeanna Tucker.
