FTSE 100 holds firm

Wednesday 30th September 2009

The FTSE 100 held firm in early trading on Wednesday as a series of firms reported a mixed picture of the economy.

At 09:00 BST, the index was up 0.15 per cent to 5,167.69 – climbing 7.97 points.

The rise came despite the Dow Jones closing down 0.48 per cent and the S&P 500 dropping 0.22 per cent.

The picture in Asia overnight was mixed with the Nikkei in Tokyo rising 0.33 per cent, but the Hang Seng in Hong Kong dropping 0.26 per cent.

In London, gains were led by hedge fund Man Group rising 6.13 per cent as it revealed assets grew in the last three months to $43.8 billion.

Smiths Group rose 5.97 per cent as the firm reported rising operating profits.

Insurers Legal & General and Aviva rose 5.74 per cent and 4.80 per cent respectively.

Caterer Compass Group rose 3.38 per cent.

Thomas Cook was down 2.03 per cent – despite reporting it was on target to meet profit expectations with growing demand for package holidays.

Next was down 1.51 per cent and British Land fell 1.37 per cent.

Marks & Spencer fell 1.28 per cent after reporting a drop in like-for-like sales – but the lowest fall in two years.

The retailer stated 2010 was likely to be a tough year.

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