FTSE holds firm in early trading
FTSE holds firm in early trading
Tuesday 27th October 2009
The FTSE 100 held firm in early trading on Tuesday morning, despite falls for some of the major banks.At 08:56 GMT, the index was up 0.19 per cent to 5,201.75 – gaining 10.01 points.
Last night in New York, the Dow Jones was down 1.05 per cent to 9,867.96, while the Nasdaq fell 0.59 per cent.
Drops in London were led by the banks.
Royal Bank of Scotland was down 5.50 per cent to 41.98 per cent on concerns over its participation in the government's toxic asset insurance scheme along with fears European competition authorities may demand a sell off of assets in exchange for state aid.
Lloyds Banking followed down 4.33 per cent to 85.47p suffering from the same pressures.
Barclays was down 3.50 per cent, despite announcing the purchase of Standard Life's UK mortgage and savings business.
Segro fell 3.55 per cent and Vedanta lost 4.54 per cent.
Leading the gains was BP – up 4.71 per cent.
The rises came despite the oil giant reporting a halving of profits. Cost cutting at the firm had held off further falls.
Reed Elsevier was up 3.06 per cent, GlaxoSmithKline gained 1.79 per cent and British Sky Broadcasting gained 1.20 per cent.
Overnight in Asia, the Nikkei was down 1.45 per cent and the Hang Seng lost 1.86 per cent.
In Europe this morning, the Dax was down 0.02 per cent and the Cac40 gained 0.09 per cent.
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