FTSE 100 up in morning trading
FTSE 100 up in morning trading
Tuesday 24th June 2008
The FTSE 100 started the day up 0.25 per cent after the rises seen yesterday.The biggest gain of early trading was seen by Thomas Cook – up 3.2 per cent on strong first-half results – as the FTSE 100 rose 0.25 per cent to 5681.10.
TUI Travel followed suit, up 3.04 per cent.
Meanwhile, HBOS rose 3.05 per cent to 278.50p, while miners Antofagasta and Rio Tinto rose 2.95 per cent and 2.26 per cent respectively.
On the downside, property firm Liberty International fell 3.41 per cent, while the London Stock Exchange was down 2.99 per cent.
Carnival slipped 1.77 per cent, Old Mutual fell 1.4 per cent and SABMiller slid 1.29 per cent.
Outside the top 100 firms Bradford & Bingley was up 15.15 per cent, on news Resolution has put forward a bid for the buy-to-let mortgage lender.
Traders are also now dealing with the quarterly reshuffle of firms.
Alliance & Leicester, Tate & Lyle, Home Retail Group and Persimmon have been relegated from the FTSE 100 and replaced with Petrofac, Ferrexpo, Drax Group and Invensys.
Nick Raynor, investment adviser at The Share Centre said: "It's of no surprise that Persimmon, the only housebuilder currently in the FTSE100 is being demoted and that Alliance & Leicester is also being shown the door after the turmoil within the banking industry.
"Replacing these are Drax Group (energy provider), Petrofac (oil support services), Ferrexpo (mining) and engineering company, Invensys. This is significant as investors should take note that commodity companies, and those with a link to the sector, are increasingly becoming the main driving force behind the FTSE100."
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