FTSE 100 rises from early slump
Wednesday, 13 Aug 2008 17:37
Stonger metal prices kept miners afloat on the FTSE 100
The FTSE 100 climbed from its early slump but still closed lower than yesterday, at 5,448.60.
A raft of unfavourable economic data and subdued results from US banks kept the blue-chip index from rising above the 5,500 mark.
Enterprise Inns continued its slide, closing with shares down 11.2 per cent, while ITV lost yesterdays gains with a 10.08 per cent fall in its share value.
Retailers were also hit hard by the news that the rate of inflation has hit 4.4 per cent, with Marks & Spencer seeing a 10.05 per cent fall and shares in DIY retailer Kingfisher declining by 9.97 per cent.
However, miners made a strong showing on the FTSE 100, with Anglo-American shares up 4.18 per cent and Kazakhmys up by 3.34 per cent by market close.
Ryan Kneale, market analyst at City bookmakers BetsForTraders.com, said: "The markets are struggling to find their feet today, following JP Morgan's write down in the US last night.
"A write down which has pushed banks back on to that back foot. However, there are positives out there. Mining has seen strong gains as have utility providers, following some strapping forecast-beating results."