Market Report: Rare solid perfomers carve out gains in a tough bear market


Investors piled into safe havens as activity in the US and Asia pulled the Footsie lower. A few solid performers in energy, gold mining and defence carved out gains in a tough bear market. British Gas-owner Centrica fared best, up 6.3p at 334.8p, while the oil and gas producer BG Group was close behind, up 5.5p at 1,141.5p.

But both were in the minority, as the blue-chip index suffered its biggest fall in three weeks. A run on tech stock on US and Asian markets and renewed fears of a house price “bubble” in the UK triggered a sell-off.

Housebuilders suffered: Barratt Development lost 20.5p to 389.4p, Taylor Wimpey dropped 4.4p to 113.6p, Persimmon was off 54p at 1,292p, Bovis fell 33.5p to 852p and Berkeley tumbled 97p to 2,484p. The FTSE 100 closed down 72.71 points at 6,622.84.

Tension between Russia and Ukraine also hit firms with exposure to the region. Roman Abramovich’s steel producer Evraz, which issues full-year results on Thursday, fell 4.2p to 75.7p, while the Ukraine-focused iron ore producer Ferrexpo lost 6.3p to 155.8p and ITE Group, which organises conferences in Russia, was 8.2p lighter at 195.8p.

On Aim, Quindell did brisk trade, ending the day up 4.75p at 43.75p. The company, which makes black boxes for cars to help insurers monitor how people drive, announced a £1bn joint venture with the RAC, Connected Car Solutions. The operation will pitch Quindell’s products to RAC’s 2.1 million customers.

Long-suffering Gulf Keystone Petroleum investors were lifted by the firm’s fundraising efforts. The Kurdistan-focused oil and gas explorer said late on Friday that it expects to close a $250m (£150m) debt offering this week.

The terms of the raising won’t be favourable: the equivalent of 5 per cent of the company’s equity will be offered to institutional backers as a sweetener. But the news follows speculation that the company was struggling to raise money at all, and Gulf Keystone welled up 8p to 105p.

JPMorgan upped its stake in Bowleven, the Africa-focused oil and gas explorer, which rose 1.25p to 31.5p. Market maker Winterflood backed the trade, which opened last week.

Start your day with The Independent, sign up for daily news emails
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

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

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Digital Optimisation Executive - Marketing

£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...

Recruitment Genius: Financial Reporting Manager

£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...

Recruitment Genius: Payments Operations Assistant

£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...

Recruitment Genius: Telephone Debt Negotiator

£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...

Day In a Page

Sepp Blatter resignation: The beginning of Fifa's long road to reform?

Does Blatter's departure mean Fifa will automatically clean up its act?

Don't bet on it, says Tom Peck
Charles Kennedy: The baby of the House who grew into a Lib Dem giant

The baby of the House who grew into a Lib Dem giant

Charles Kennedy was consistently a man of the centre-left, dedicated to social justice, but was also a champion of liberty and an opponent of the nanny-state, says Baroness Williams
Syria civil war: The harrowing testament of a five-year-old victim of this endless conflict

The harrowing testament of a five-year-old victim of Syria's endless civil war

Sahar Qanbar lost her mother and brother as civilians and government soldiers fought side by side after being surrounded by brutal Islamist fighters. Robert Fisk visited her
The future of songwriting: How streaming is changing everything we know about making music

The future of songwriting

How streaming is changing everything we know about making music
William Shemin and Henry Johnson: Jewish and black soldiers receive World War I Medal of Honor amid claims of discrimination

Recognition at long last

Jewish and black soldiers who fought in WWI finally receive medals after claims of discrimination
Beating obesity: The new pacemaker which helps over-eaters

Beating obesity

The new pacemaker which helps over-eaters
9 best women's festival waterproofs

Ready for rain: 9 best women's festival waterproofs

These are the macs to keep your denim dry and your hair frizz-free(ish)
Cycling World Hour Record: Nervous Sir Bradley Wiggins ready for pain as he prepares to go distance

Wiggins worried

Nervous Sir Bradley ready for pain as he prepares to attempt cycling's World Hour Record
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific