Market Report: Profit-taking puts brakes on Footsie

Hopes that the Footsie could match the record 11 days of gains last set in July 2009 were lost when weak US jobs data and profit-taking sent the benchmark index into negative territory. The blue-chip index has been flirting with the 6,700 barrier during trading over the past three days, but the chance to push on through this was dashed during the afternoon session. It lost 5.75 points to 6,687.8 after US jobs, manufacturing and housing data disappointed. Despite the dip it is still at levels last seen in November 2007.

David Madden, market analyst at the spread better IG, said: "Some of the momentum witnessed in recent days has slipped on profit-taking – a not altogether surprising turn of events given the fact that the FTSE 100 has regaled markets with 10 consecutive days of new highs. Less than stellar US data has also given markets pause for thought."

While the top-flight index flinched, the mid-tier table continued to power ahead. The stockbroker Paul Killik, partner at Killik & Co, pointed out that the FTSE 250 broke through its previous all-time high in May 2007 back in December and has pushed on another 18 per cent since then – up 90.53 points to 14,566.54.

Mr Killik says £100 invested since March 1986 would now be worth around £985 on the FTSE 250, compared to only £476 if a punter had invested in the FTSE 100.

Aviva was top of the tree on the leaderboard, up 23.4p to 346.5p, after promising first-quarter numbers.

The advertising giant WPP is currently at a 13-year high, but that is no reason not to invest, Liberum declares. Good global macroeconomic trends and more positive news in the UK is all good for the ad behemoth, and Liberum gave it a 1,156p price target for shares that retreated 1p to 1,155p.

BP slipped 1.8p to 465.8p amid fears that compensation costs related to the Gulf of Mexico oil spill are spiralling thanks to inflated claims. But sources familiar with the oil giant were surprised at reports saying that BP is lobbying David Cameron to take up the issue with US President Barack Obama next month, saying that this would be strange given BP's ongoing damages case in the US courts. Westminster sources said there had been no contact between BP and the Prime Minister.

It was announced that a handful of BT directors, including the chief executive, Ian Livingston, had sold shares to cover tax payments. Mr Livingston sold 893,214 shares at 305p, but the company still rang up a 3.7p gain to 316.3p.

A falling copper price hit the Chilean miner Antofagasta. It reported a 15 per cent year-on-year drop in revenue to $1.5bn (£985m) in the three months to April, and slipped back 5p to 924p.

The engineer Invensys's full-year profits were in line with expectations at £131m, but it declined 4.1p to 390.1p.

The pub and brewing group Marston's said it was hit by poor weather in the first part of the year, and pre-tax profit for the 26 weeks to April fell by 18 per cent to £27.6m. The mid-cap group said that trade had picked up recently but the shares trickled down 5.5p to 146.9p.

The cold weather was also bad news for the building industry. The construction services group SIG blamed the climate for a likely hit to its first-half performance, and declined 3.6p to 169p.

The builders' merchant Travis Perkins said that better weather in April and early May offset a weak start to the year. Sales for the four months to May were 1.2 per cent lower against the previous year. It said there "should be an improvement in volumes in the second half", and climbed 60p to 1,543p.

The holiday group Thomas Cook announced a £1.6bn debt refinancing and raised £425m through a share placing and rights issue. The shares jumped 19.4p to 164.1p.

Heritage Oil said that it has now resolved production issues and it gushed 8p to 142.1p.

The oil and gas explorer Soco International said production was up 60 per cent year-on-year and jetted ahead 15.2p to 405.6p.

The Aim-listed Rangers International Football Club, managed by Ally McCoist, confirmed that it is looking into calling an extraordinary meeting following calls to remove the club's chairman, Malcolm Murray, and the non-executive director Philip Cartmell by the 6 per cent owner Blue Pitch Holdings. The shares were unmoved at 56.5p.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
News
i100
News
One father who couldn't get One Direction tickets for his daughters phoned in a fake bomb threat and served eight months in a federal prison
people... (and one very unlucky giraffe)
Arts and Entertainment
Sink the Pink's 2013 New Year's Eve party
musicFour of Britain's top DJs give their verdict on how to party into 2015
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Arts and Entertainment
(L-R) Amanda Peet as Tina Morris, Melanie Lynskey as Michelle Pierson, Abby Ryder Fortson as Sophie Pierson, Mark Duplass as Brett Pierson and Steve Zissis as Alex Pappas in Togetherness
TV First US networks like HBO shook up drama - now it's comedy's turn
Travel
Pool with a view: the mMarina Bay Sands in Singapore
travel From Haiti and Alaska to Namibia and Iceland
News
The will of Helen Beatrix Heelis, better known as Beatrix Potter, was among those to be archived
people
Arts and Entertainment
The Plaza Theatre in Atlanta, Georgia was one of the 300 US cinemas screening
filmTim Walker settles down to watch the controversial gross-out satire
News
Nigel Farage: 'I don't know anybody in politics as poor as we are'
i100
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Selby Jennings: VP/SVP Credit Quant- NY- Investment Bank

Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...

Selby Jennings: Quantitative Research | Equity | New York

Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...

Selby Jennings: SVP Model Validation

Not specified: Selby Jennings: SVP Model Validation This top tiered investment...

Selby Jennings: Oil Operations

Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...

Day In a Page

Aren’t you glad you didn’t say that? The worst wince-and-look-away quotes of the year

Aren’t you glad you didn’t say that?

The worst wince-and-look-away quotes of the year
Hollande's vanity project is on a high-speed track to the middle of nowhere

Vanity project on a high-speed track to nowhere

France’s TGV network has become mired in controversy
Sports Quiz of the Year

Sports Quiz of the Year

So, how closely were you paying attention during 2014?
Alexander Armstrong on insulting Mary Berry, his love of 'Bargain Hunt', and life as a llama farmer

Alexander Armstrong on insulting Mary Berry and his love of 'Bargain Hunt'

From Armstrong and Miller to Pointless
Sanchez helps Gunners hold on after Giroud's moment of madness

Sanchez helps Gunners hold on

Olivier Giroud's moment of madness nearly costs them
A Christmas without hope: Fears grow in Gaza that the conflict with Israel will soon reignite

Christmas without hope

Gaza fears grow that conflict with Israel will soon reignite
After 150 years, you can finally visit the grisliest museum in the country

The 'Black Museum'

After 150 years, you can finally visit Britain's grisliest museum
No ho-ho-hos with Nick Frost's badass Santa

No ho-ho-hos with Nick Frost's badass Santa

Doctor Who Christmas Special TV review
Chilly Christmas: Swimmers take festive dip for charity

Chilly Christmas

Swimmers dive into freezing British waters for charity
Veterans' hostel 'overwhelmed by kindness' for festive dinner

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Isis in Iraq: Yazidi girls killing themselves to escape rape and imprisonment by militants

'Jilan killed herself in the bathroom. She cut her wrists and hanged herself'

Yazidi girls killing themselves to escape rape and imprisonment
Ed Balls interview: 'If I think about the deficit when I'm playing the piano, it all goes wrong'

Ed Balls interview

'If I think about the deficit when I'm playing the piano, it all goes wrong'
He's behind you, dude!

US stars in UK panto

From David Hasselhoff to Jerry Hall
Grace Dent's Christmas Quiz: What are you – a festive curmudgeon or top of the tree?

Grace Dent's Christmas Quiz

What are you – a festive curmudgeon or top of the tree?
Nasa planning to build cloud cities in airships above Venus

Nasa planning to build cloud cities in airships above Venus

Planet’s surface is inhospitable to humans but 30 miles above it is almost perfect