United Utilities was the second best performing stock on the FT-SE, rising 6.64 per cent on the week. The whole sector gained on speculation that an incoming Labour government would propose windfall taxes at a less punitive level than previously expected if it won the election.
The worst performing stock in the FT-SE 100 last week was British Steel which fell 10.1 per cent on the week. A number of stockbrokers have slashed their profit forecasts for the company and downgraded their recommendations, blaming currency factors.
Dixons was the second worst performing stock, falling 4.76 per cent. The company announced on Tuesday that Cellnet, the cellular phone company, was taking a 40 per cent stake in its consumer electronics chain, The Link. Cellnet is looking to claw back ground lost to rival mobile phone operators in the last two years, such as Vodafone. Copyright: IOS & BloombergReuse content