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FTSE100 turns positive by the close as Wall Street rallies

4th September 2013


END-OF-DAY REPORT: The headline index turned slightly higher by the close after a firm rally on Wall Street raised sentiment, offsetting weakness in travel stocks following a profit warning from Ryanair.

At the close of business, the FTSE100 was up just 6.33 points at 6,474.74 and the FTSE250 off 9.93 points at 14,851.53.

NEW YORK

US stocks moved higher in late morning trade, ahead of the latest Beige Book survey of economic conditions, and as support grows for military action against Syria.

Heading for the close in London, the Dow Jones Industrial Average was up 80 points at 14,913, the S&P500 added 10 points at 1,650 and the Nasdaq Composite gained 27 points at 3,640.

LONDON MARKETS

Airlines were spooked by a surprise profit warning from Dublin-based Ryanair this morning. IAG slipped 3.7p at 291p and easyJet dived 65p at 1,215p, while midcap Ryanair traded down over 11%.

Holiday operator TUI Travel, which turned ex-dividend today, slipped 11.1p at 334.6p on the read across.

Miners were mixed, with BHP Billiton the runt of the litter, down 33.5p at 1,902.5p. Antofagasta lost 7.5p at 886p and Randgold Resources fell 55p to 5,065p. Conversely, Rio Tinto climbed 21.5p at 3,080p.

In the financial sphere, among the banks, Barclays added 4.45pp at 284.48p and HSBC gained 3.9p at 691.5p, while Lloyds lost 0.05p at 72.63p and Royal Bank of Scotland was 2.7p lower at 328.6p.

Profit-taking pushed asset manager Hargreaves Lansdown down 17p to 1,014p. The company today announced that it grew revenue, profits, assets under administration and active client numbers to new record levels in the year to end-June. Pretax profit increased 28% to 195.2m.

Mobile phone giant Vodafone bounced back, gaining 4.5p at 207p, as investors reviewed the Verizon deal.

Precious metals processor Johnson Matthey rose 55p at 2,972p after JPMorgan Chase raised its target for the stock, while maintaining its neutral stance.

Marketing giant WPP Group gained 7p at 1,240p following increases in target price at both Jefferies International and Citigroup.

Story provided by StockMarketWire.com
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