Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

FTSE in a rut; BT falls as Sky launches new football channel

FTSE in a rut; BT falls as Sky launches new football channel

The FTSE 100 remained stuck in the rut it’s been in since the end of May as the blue chip index gave up yesterday’s gains to trade 25 points, or 0.4% lower, at 6,850.

BT Group (BT) fell 2.4% to 396.3p after arch rival BSkyB (BSY) announced plans to launch a television channel for European football. BSkyB shares dipped 1% to 867.6p.

SABMiller (SAB) was the biggest FTSE 100 riser, up nearly 2% to £33.42 on reheated talk of a merger with rival drinks giant and Budweiser brewer Anheuser-Busch Inbev.

Tesco (TSCO) firmed a penny to 295p as investors gave a realistic appraisal to the supermarket bank's launch into the current account market.

The mid cap FTSE 250 sagged nine points to 16,208 as Lonmin (LMI) plunged 4.8% to 238.8p after South Africa’s mining minister pulled out of wage negotiations to ‘put pressure’ on platinum producers and unions to end a damaging five-month strike.

Oxford Instruments (OXIG) gained 3.3% to £13.89 after the technology tools maker eked out a small rise in full-year, pre-tax profits, despite the strong pound. The company said orders for the first two months of the current financial year were ahead of a year ago.

The FTSE Small Cap index dipped five points to 4,510. Helical Bar (HLCL) was the biggest faller, down 4.2% to 369.75, after the property developer sought to borrow £85 million with the launch of bonds that can convert to shares in five years.

Establishment Investment Trust (ET) fell 3p to 165.5p after the poorly performing global fund said its manager, BDT Invest, was being wound up. The trust is switching to Blackfriars Asset Management, an emerging markets specialist which BDT partners Henry Thornton, Simon Dobson and Stephen Simmons are joining.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

Eleanor Mahmoud goes clay shooting at the National Clay Shooting Centre with Sam Lansdowne from Thesis Asset Management

Play AA-rated Flood on gov't bonds: 'the maths doesn't add up'

AA-rated Flood on gov't bonds: 'the maths doesn't add up'

He also addresses why his Newton Multi-Asset Income fund has such a high cash weighting and why he sees renewables as such a good opportunity.

Play AAA-rated Ali: Identifying the peripheral European plays

AAA-rated Ali: Identifying the peripheral European plays

Citywire AAA-rated Tawhid Ali thinks that plenty of good stocks in the European periphery are being thrown out with the proverbial bath water.

Read More
Your Business: Cover Star Club

Profile: Brewin's Cardiff boss on the Welsh opportunity

Profile: Brewin's Cardiff boss on the Welsh opportunity

Prior to becoming head of Brewin Dolphin Cardiff, Welshman David Myrddin-Evans had only previously visited the city to watch the rugby.

Wealth Manager on Twitter