Saudi Arabia approves cooperation agreement with US for the use of outer space for peaceful purposes    Quality of Life Program CEO highlights Saudi urban transformations at UN-Habitat conference in Cairo    AlHisn Big Time Studios unveiled to transform film and TV production in Riyadh    Saudi Aramco's Q3 net income falls 15.5% to SR103 billion amid a jump in annual cash flows    Almarai wins 'Best Corporate Sukuk' at Asset Triple A Islamic Finance Awards    Top climber falls to death after rare Himalayan feat    US voters flying home in time for election    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Harris and Trump make final push in must-win Pennsylvania    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Saudi crown prince, Tunisian president review bilateral relations in phone call    SFDA Chief visits premier biotechnology and medical firms in China    Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    Quincy Jones, titan of US music, dies aged 91    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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UK's FTSE flat on good company news vs dire data
Published in Saudi Press Agency on 02 - 11 - 2006


The FTSE 100 closed little changed
on Thursday as positive company news and results offset mostly
negative U.S. and European economic figures signaling the
potential for interest rates to rise, according to Reuters.
The index outperformed both Germany's DAX and France's CAC
40, which ended down about 1 percent on expectations the
European Central Bank will raise interest rates again next
month.
Worries over the U.S. economy also increased after U.S.
government data showed business productivity had unexpectedly
delivered no growth in the third quarter and that unit labour
costs, an inflation measure, rose more than expected.
The FTSE 100 closed down 0.3 points at 6,149.3.
Traders said the focus would be on the October U.S. non-farm
payrolls report due on Friday for more clues about the direction
of Federal Reserve interest rates.
"This was very much a day where people were going to sit on
their hands if they possibly could and wait for tomorrow's
payroll results," said Neil Parker, a market strategist at the
Royal Bank of Scotland.
"It will set the direction for the interest rate markets,
and as a consequence there will be a knock-on effect on the
equity markets," he added.
Heightened concerns over a U.S. economic slowdown meant that
banking stocks suffered. Barclays was down 0.9 percent, and
Royal Bank of Scotland lost 0.8 percent.
Pharmaceuticals were the standout gainers, benefiting from a
report that showed global sales rose 5 percent in the 12 months
to August. GlaxoSmithKline was up 1.5 percent, gaining from a JP
Morgan upgrade. AstraZeneca tacked on 1.5 percent.
Power generator British Energy climbed 4.3 percent, with
traders citing a report in the Financial Times that the
International Energy Agency would urge governments next week to
help speed up the construction of new nuclear power plants.
"It's good news for British Energy. We'll probably see them
back up to 470 pence before they pause for breath; they've been
oversold," a trader said.
Consumer goods giant Unilever topped the FTSE 100
leaderboard, up 4.6 percent after it reported a rise in
third-quarter sales, at the high end of analysts' estimates, and
said a share buyback programme of 1.5 billion euros was planned
to start in 2007.
Pub group Enterprise Inns ticked up 1 percent amid heavy
volumes with traders citing a feel-good factor from a
better-than-expected result from mid-cap rival JD Wetherspoon.
"I think it's directly related to the Wetherspoon like for
likes," a trader said.
FTSE 250 member Wetherspoon was up 4.2 percent after
reporting a 9 percent jump in first-quarter sales, including a
5.2 percent rise in like-for-like sales in Scotland following a
smoking ban. Punch Taverns was up 2.2 percent.
With weak copper prices recovering slightly from earlier
losses, mining stocks featured among the downside. Antofagasta
was down 1.3 percent and BHP Billiton down 0.9 percent.
Xstrata also fell 0.9 percent after it completed the
acquisition of Canadian miner Falconbridge.
U.S. crude oil prices continued to slip down to $58 a barrel
amid ample U.S. fuel stocks and the restart of two Nigerian oil
installations shut down last week after an attack by local
villagers.
BP was steady and Royal Dutch Shell slipped 0.3 percent.
Other stocks that featured on the downside, included Smith &
Nephew falling 4.2 percent, after it said it had held
preliminary talks over a tie-up with U.S. rival Biomet Inc. as
it met forecasts for third-quarter earnings.
Among other midcaps, food equipment maker Enodis jumped 6.7
percent on bid speculation. Stove maker AGA Foodservice Group
later said Enodis had rejected its approaches but that it was
continuing to seek further discussions. AGA closed up 0.1
percent.


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