Strong performance from Sage
Stocks and Shares with Anna McKechnie anna.mckechnie@brewin.co.uk
DESPITE another quiet day of corporate news and thin trading volumes, the FTSE 100 managed to sustain the post-Christmas rally for a second consecutive day, adding more than 2% in afternoon trading before settling to close 73.33 points higher at 4392.
The miners and oil stocks were among the day’s biggest gainers on the back of stronger commodity prices, with Eurasian Natural Resources up over 4.9%.
Insurance stocks did not fare so well even though the US Treasury launched a $6bn rescue package for General Motors’ troubled financial arm, GMAC, and RSA Insurance Group finished down as a result.
Sage, where we act as joint broker, was one of the strongest performers in both the regional portfolio and the FTSE 100, giving rise to a top spot on the FTSE riser’s board. The business software supplier saw its shares gain 2.6% to end the session at 169.9p. eaga was also up on the day, surging ahead over 9.8% to finish on 147.5p.
Local house builders Barratt Developments and Bellway and residential property specialist, Grainger – where we also act as joint broker – struggled to make much headway as the housing market was dealt yet another blow.
The latest figures from the Land Registry revealed that the annual decline in house prices in England and Wales had accelerated in November to reach new record of 12.2%.
The average number properties sold between June and September was also down, with the average sales per month less than half that of the same period in 2007.
