FTSE down amid Sainsbury, Barclays rumours
FTSE down amid Sainsbury, Barclays rumours
Tuesday 20th October 2009
The FTSE 100 was down in early trading today – but holding firm to the gains made yesterday.At 08:49 BST, the London blue chip index was down 14.58 points – or 0.28 per cent – to 5,266.96.
Leading the gains was Sainsbury – up 3.00 per cent.
The increase came as speculation re-emerged of a takeover from major shareholder Qatar Holding as it sold 379 million shares in Barclays – making £750 million on the deal when it invested in the bank last year as the lender eschewed UK state support through the global financial crisis.
It is thought the sovereign wealth fund could use the funds to now increase its holding in Sainsbury.
As a result the Barclays share price was down 5.00 per cent. Qatar remains the largest single shareholder.
Elsewhere, BG Group was up 1.66 per cent after an upgrade from to buy from hold from Deutsche Bank.
National Grid rose 1.54 per cent and Guinness brewer Diageo gained 1.49 per cent.
Autonomy Corporation was down 7.52 per cent despite the software firm announcing third quarter profits before tax up 20 per cent.
Royal Bank of Scotland was down 2.42 per cent to 45.79p and ICAP lost 2.19 per cent.
Last night in the US, the Dow Jones was up 0.96 per cent and the S&P 500 gained 0.94 per cent.
In Europe this morning, markets were steady with the Dax down 0.10 per cent and the Cac 40 falling 0.24 per cent.
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