Global Newsbrokers Stockmarket Service
London stockmarket at14:28:00
FTSE HOLDING FIRM, WALL ST SEEN LOWER
Thursday, January 13
The FTSE-100 index is up 7.4 at
4,791.0.
The market is continuing to post
modest gains, remaining little changed
from earlier levels. Some support is
coming from the MPC's as-expected
decision to leave UK interest rates on
hold, but expectations for a softer
start on Wall Street this afternoon
are keeping a lid on sentiment.
Retailers remain in focus, with
Sainsbury higher after saying the pace
of its sales decline moderated in
December. Like-for-like sales in the
12 weeks to January 1 fell by 1.2 per
cent.
Also in the sector, Morrison is down
on a `sell' note.
GUS is higher after saying it is
comfortable with full-year
expectations despite a soft 1 per cent
rise in 15-week sales at Argos.
Dixons is also firmer after its well-
received numbers yesterday.
Reuters is up after saying its revenue
recovery is continuing. The group
sees Q1 recurring revenues falling by
1.5 per cent, a smaller-than-expected
decline. Person is firm in sympathy.
Also in the media sector, ITV is
rallying amid fresh bid speculation.
BG is higher on a raised broker
rating, but Cairn Energy is down on a
price target cut.
Weak banks are keeping a lid on the
FTSE. A broker downgrading is
weighing on Standard Chartered, while
Barclays is softer on profit-taking.
Rumours of a profits warning are
depressing Northern Rock, while Royal
Bank of Scotland is down on
speculation Santander is placing the
remainder of its stake.
Elsewhere, AstraZeneca is again weaker
on Crestor safety concerns, while
Alliance Unichem is lower on a
downgrading on valuation worries.
Main index