Banks dominate as Footsie rises
Apr 3 2008 by Iain Laing, The Journal
THE FTSE 100 index ended the day 63.3points higher at 5915.9 with the banks again dominating the main index’s leaderboard.
Wellstream reported its full year results yesterday, which showed profit before tax of £41.7m compared to £25.4m in the previous year. The oil and gas pipeline manufacturer has seen its share price rise to a high of £14 recently.
The company is based in Newcastle and has divisions in Canada, USA, Brazil and Australia. It has grown through various acquisitions in the 1990s and the manufacturing facility in Newcastle was opened in 1997.
Shares in Wellstream ended the session 7.93% lower at 1289p.
An article in the worldwide medical paper The Lancet showed that GlaxoSmithKline’s anti HIV drug Ziagen may be linked to increased risk of heart attacks. Sales of Ziagen accounted for £109m of GlaxoSmithKline’s sales in 2007. However, the company published a letter stating that their own analysis did not suggest an increased risk of heart attacks from Ziagen. Shares in Glaxo closed 1.88% higher at 1136p.
Elsewhere in the regional portfolio Helius Energy agreed a loan facility of £2m from African Biofuels. Helius Energy is based in Grimsby and is an operator of biomass and renewable plants. Shares in Helius Energy were unchanged at 31p.
The region’s largest riser was Blacks Leisure, up 5.59%. There were no announcements from the company.
Ken Oiwa, Ken.oiwa@brewin.co.uk
