FTSE maintains yesterday's gains

06-08-2008

FTSE maintains yesterday's gains
The FTSE 100 rose 0.31 per cent this morning, maintaining yesterday's gains of over two per cent.

At 9:50 BST the index stood up 16.60 points to 5,471.30.

After yesterday's slump following the falling oil price, the commodity stocks bounced back today, fuelled by Xstrata's £5 billion offer for rival Lonmin.

Lonmin rose 47.30 per cent – breaching Xstrata's offer price – to 3416p, while rises were seen for Vedanta Resources (5.64 per cent), Antofagasta (5.48 per cent), and Eurasian (5.00 per cent).

Xstrata itself was up a more muted 1.5 per cent.

London Stock Exchange Group rose 4.71 per cent.

Heading the falls was ITV – which reported a 28 per cent in the first half of the year as advertising revenue slumped.

The broadcaster's share price fell 10.80 per cent to 41.30p – compared to a 52-week high of 114.20p.

Insurer Old Mutual fell 6.67 per cent, while Standard Life fell 3.58 per cent – after both firms reported growth in profits today.

Real estate investment trusts (Reits) Liberty International and Hammerson fell 5.46 per cent and 4.97 per cent respectively.


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