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Standard Life biggest loser as FTSE 100 cools off
by Chris Marshall on Oct 30, 2013 at 16:25
UPDATE: European stock indices let slip of strong morning gains, joining Wall Street in the red.
Investors took some small profits after the FTSE 100’s relentless climb higher of the past three weeks, pushing it back to 6,777, near where it started the day. The index is still up nearly 5% so far this month.
Investors are awaiting news from the US Federal Reserve, which is expected to resist any changes to its bond-buying policy in an announcement later today.
Standard Life was the biggest faller among London blue chips (see report below), down 4.1% at 354. Pearson fell 3.6% to £13.15.
FTSE 100 roars higher towards May high (10:18am)
Stock markets on both sides of the Atlantic surged higher, with Britain’s FTSE 100 continuing an almost unblemished three-week run of gains.
The index, up 0.6% to 6,817, is rushing back towards a high of 6,875 hit in August before concerns about the beginning of the end of US stimulus unnerved investors. The group of Britain's biggest companies has only closed in the red in one of the past 15 days and is heading for a 5% gain in October.
The UK’s gains, which came amid mixed corporate results from blue chips including Standard Life (SL.L) and Barclays (BARC.L), were matched by other European markets, and follow fresh record highs on Wall Street.
Spain’s index rose 1% after stats showed the country has finally emerged from recession, with its first quarterly growth for more than two years.
Ahead of the conclusion of the US Federal Reserve's policy-setting meeting today traders have become increasingly convinced that the central bank will resist any changes to its bond-buying policy until next year.
Leading London stocks, Next (NXT.L) was up nearly 5% at £54.60 after the high street clothing retailer posted a better than expected 4% rise in third-quarter sales and raised its full-year profit guidance.
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