Newspaper article The Evening Standard (London, England)

Footsie's Sigh of Relief as Witching Jinx Is Cast off; Market Report

Newspaper article The Evening Standard (London, England)

Footsie's Sigh of Relief as Witching Jinx Is Cast off; Market Report

Article excerpt

Byline: MALCOLM WITHERS

THE double-witching expiry of options passed without too much volatility today as the FTSE 100 index traded within a 14-point range.

Markets had clearly learned the lesson of last September's wild swings of 6% in both directions.

At the outset, bears had been confident that yesterday's fall of more than 1% on Wall Street would hit London. But, after initial setbacks, the blue-chip index showed a 21-point gain at 4152.5. Trading remained buoyant with 1.3 billion shares changing hands.

The recovery was spread over several sectors, ranging from business suppor t group Rexam at the top of the blue-chip risers with a 153/4p gain to 3821/2p through to retailer Next, ahead 14p at 10011/2p, and oil giant Shell, up 51/4p to 4161/2p.

Merrill Lynch still rates Unilever a buy ahead of figures next month and the shares rallied 9p to 5541/2p.

Alliance UniChem edged ahead 31/4p to 5031/4p as the same broker upped its target price to 580p.

One of the biggest climbers on the back of the rally has been 3i. Analysts at UBS Warburg believe the venture capitalist's portfolio of stocks could have lagged recent rises among the small-cap companies and that the group is vulnerable to equity setbacks.

UBS has lowered its view to reduce from neutral, setting a lower target of 520p. But 3i shares rose 51/4p rise to 5871/2p.

Rupert Murdoch's BSkyB suffered a 211/2p slide to 6751/2p as its grip on topflight football may be loosened after a decision by the Premier League to split its main rights package.

The rally in Rolls-Royce came to a halt today on worries about a growing pensions deficit and the impact of reduced air travel on its portfolio of aerospace engines and spares. This particularly applies to the Far East. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.