Index in negative territory

Apr 10 2008 by Graeme King, The Journal

A RELATIVELY stable FTSE 100 yesterday slipped into negative territory to close 6.3 points down at 5983.9 as a strong bounce from Cairn Energy failed to lift a market dragged down by further investor apathy toward financials.

The biggest loser on the main index was budget insurer Admiral which fell 36.5p to close at 759p – a fall of 4.59%. The firm, which specialises in niche car insurance, headed a list that included HBOS – down 23p at 527p – as the mortgage lender continued to struggle to reassure investors over its liquidity and exposure to the type of sub-prime assets which have dogged many of the larger banks. Other fallers were Standard Life and Old Mutual – the banks fell 11.7p to 253.5p, and 5.1p to 121.1p respectively – and also Scottish and Southern Energy which laboured following the announcement of a regulator investigation into possible abuse of market power; shares in the generator fell 47p to 1359p.

As previously mentioned, the biggest climb came from yesterday’s loser Cairn Energy which jumped 127p to 2959p.

Michelle Stansby Associate Director Barclays Wealth