Newspaper article The Journal (Newcastle, England)

FTSE Has Almost Reached Break-Even Point

Newspaper article The Journal (Newcastle, England)

FTSE Has Almost Reached Break-Even Point

Article excerpt

Byline: Scott Farnetti

ANOTHER 1.4% rise in the benchmark FTSE 100 Index means that UK shares have nearly broken even for this year.

Although an economic survey in the US pointed to nearly half a million job losses last month, there are timid signs that the free-fall may be slowing and US markets continued their upward trend.

One of the largest companies in the North East, Sage, reported its first half results yesterday. The software group reported revenues up 17% reflecting the benefits of large currency movements and ongoing organic growth in subscription revenues. As expected, licence revenues fell but overall, on a constant currency basis, the group saw total revenues contract by only 3% despite the particularly tough economic conditions. The company also announced measures taken to realign the cost base for current market conditions. The City reacted positively to the robust performance and the shares ended up 5.8% on the day.

Elsewhere in the market, shares in Standard Chartered extended yesterday's gains by being one of the top movers in the market with a 9% rise. …

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