FTSE 100 down despite banking profits
FTSE 100 down despite banking profits
Thursday 15th October 2009
The FTSE 100 was down 0.63 per cent on Thursday – holding on to most gains of yesterday – but the big headlines went to Sainsbury in the UK and Goldman Sachs in the US.In New York, Gold Sachs reported profits for the third quarter of $3.19 billion (£1.96 billion), after JPMorgan announced a third quarter profit of $3.6 billion yesterday.
Citigroup today announced profits of $101 million.
Tomorrow sees Bank of America's results out.
The Dow held steady today - holding above the 10,000 line – standing at 10.004.15, down 0.12 per cent, at 12:46 EDT (17:46 BST).
In London the FTSE 100 closed down 33.15 points to 5,222.95.
Sainsbury was 10.09 per cent as speculation mounted of a possible takeover.
Rumours spread that 26 per cent stake-holder Qatar Investment Authority (QIA), had made a takeover offer.
ICAP was up 5.08 per cent, 3i Group rose 4.04 per cent and G4S gained 2.97 per cent.
However, the commodity stocks were an anchor on growth after leading gains.
Anglo American was down 4.11 per cent as rival Xstrata said it was walking away from a takeover bid.
International Power fell 3.33 per cent and Petrofac lost 2.74 per cent.
Tim Hughes at IG Index, said: "Today doesn't change the overall trend for UK shares of course and this remains firmly up.
"The Sainsbury's chatter is one sign that M&A activity can be expected to pick up over the months ahead and this is the sort of thing that will keep investors keen to buy into any short-term weakness.
"Today looks like just a pause in the ongoing strength for shares and many traders are still looking to the 5350 mark as the next significant FTSE target."
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