FTSE slips on news of mixed results in US
THE performance of the FTSE 100 index was largely mixed during trading on Friday as investors once again looked to the US earnings season for direction.
It was the turn of heavyweights, General Electric and Bank of America, as well as technology stocks Google and IBM, to report and the results were mixed. General Electric reported profits which were ahead of expectations however revenue was at the lower end of estimates whilst Google's third quarter earnings rose 27% which was at the top end of analysts' forecasts. The FTSE 100 ended the day 32.7 points lower at 5190.2
In the UK market there was little in the way of corporate news although insurance group Admiral issued a brief interim management statement. The company, which owns brands such as Diamond, Elephant and Confused.com, said that it expected to meet analysts' profit estimates for 2009 and little had changed in the quarter to the end of September. The shares closed lower down 30p to 1063p.
Sainsbury shares were also lower following speculation on Thursday that Qatar Investment Authority had made a renewed approach for the company.
Although no official announcement has been made in support or denial of the rumour by either party, "unnamed sources" have suggested that no offer has been made. The shares closed 13.8p lower at 328.7p.
Local property company Bellway was in focus yesterday as its shares received a second price target increase in as many days. Targets for the shares were lifted to 905p by one broker and 895p by another. The shares ended the day 4p higher at 825p.
The strongest performance of the day within the regional portfolio came from Northern Bear whose shares rose by 4.5% to close at 47p.
Fiona.newborough@brewin.co.uk
