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FTSE 100 falls as banks, oil stocks weigh
Published in Saudi Press Agency on 23 - 11 - 2006


Britain's FTSE 100 index of
leading shares ended lower on Thursday, weighed down by banks
and oil stocks, with water utility Kelda Group leading the list
of losers after a broker downgrade, according to Reuters.
On the upside, pub owner Enterprise Inns led gainers with a
rise of 3.3 percent as traders cited positive sentiment from a
share buyback on Wednesday, a broker upgrade and hopes of
private equity bid interest in the pub sector.
The FTSE 100 index closed down 20 points, or 0.3 percent at
6,140.
But there was little economic data and many investors stayed
away while U.S. and Japanese markets were closed for holidays,
so trading volumes were lighter than usual.
"As this is such a thin week for economic numbers and a
short week in the U.S., the markets were likely to drift," said
Mike Lenhoff, chief strategist at Brewin Dolphin.
"They've had such a jolly good run that they deserve a bit
of profit-taking and a breather, and that is what we are
seeing."
Kelda Group fell 2.3 percent on a Citigroup downgrade and
after bid speculation subsided.
Banks fell as some traders said the Bank of England's
November interest rate hike had finally begun to hit markets.
HBOS fell 0.9 percent and Royal Bank of Scotland lost 0.7
percent.
Oil stocks weighed as U.S. crude oil prices fell to $59 a
barrel after a build-up in crude stocks in the United States. BP
was down 0.6 percent and Royal Dutch Shell fell 0.5 percent.
But oil explorer Cairn bucked the trend, up 3 percent after
announcing it had completed the placing of Cairn India shares on
the Bombay Stock Exchange and raised 37 billion rupees ($822
million).
"The least highly valued sectors in the FTSE 100 at the
moment are oil stocks, miners and banks, and we would later
expect a bit of catch-up in these," said Angus McCrone, senior
economist at the Centre for Economics and Business Research.
ICI RISES
Chemical and paints company Imperial Chemical Industries
added 2.8 percent, having hit its highest level in nearly six
years earlier in the session after a series of brokerage
upgrades. It also got a boost from renewed bid speculation
following the Wednesday sale of its flavours and fragrance
business, Quest International.
Mobile phone company Vodafone added 1.3 percent after
Swisscom said it would enter talks to repurchase its 25 percent
stake in Swisscom Mobile, potentially marking the British
company's exit from the partnership. It also benefited from
several broker upgrades.
British tobacco shares rose after the top European Union
court ruled that individuals must still pay duty on tobacco in
their own countries even if they order the product from another
EU state. Imperial Tobacco climbed 1.7 percent, and Gallaher
Group added 0.9 percent.
Building materials firm Wolseley dipped 0.8 percent on talk
that a slowdown in the U.S. housing sector could be worse than
feared, traders said. Shares in rival Hanson were down 1.3
percent.


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