Standard Chartered helps FTSE
Feb 27 2008 by Peter McCusker, The Journal
FOLLOWING a positive start to the week, the FTSE 100 Index traded higher for the second consecutive day, breaking through the 6000 mark, to close on 6087 points.
The advance was largely attributable to a strong performance from the financial sector, spurred on by an encouraging set of full-year results from global bank Standard Chartered, and was aided by overnight gains on Wall Street.
In the regional portfolio, shares in X-ray metrology specialist Bede were suspended at the request of the company, subsequent to the group terminating takeover talks with relevant parties.
The group believed the indicative offer received last week significantly under- valued the company and has since decided to suspend trading to allow time to consider its financial position.
Earlier this month, Bede said that it expected to receive bills in its fourth quarter totaling £1.75m, more than offsetting an expected order intake of £1.1m in the period.
The company said its borrowings could continue within its overdraft limit for the remainder of the quarter, but it would have to look to raise further finance.
GlaxoSmithKline reported the expansion of the Horizon programme, its joint study with Theravance into the treatment of chronic obstructive pulmonary disorder (COPD).
The trial is to involve some 600 patients in the search for a once-daily combination medication for sufferers with asthma and COPD.
Anna McKechnie anna.mckechnie@brewin.co.uk
