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Share levels end almost unchanged

Tuesday, 26th June 2012
END-OF-DAY REPORT: Shares closed almost unchanged in London on a day when the Governor of the Bank of England, Sir Mervyn King, gave a downbeat assessment about the short-term prospects for the global economy. He said he was particularly concerned about the worsening situation in Asia and other emerging markets.

Figures from the Office for National Statistics said that the public sector deficit in May was higher than expected.

At the close, the FTSE100 had lost 3.69 points to end 0.07% lower at 5,446.96 with the FTSE250 shortly before trading was completed 6.81 points lower at 10,664.61.

NEW YORK

U.S. stocks were also little changed in early trading in New York after it was reported that consumer confidence had declined for a fourth month running. The Conference Board produced a gloomy report too on future business conditions and income.

Approaching the close in London, the Dow Jones Industrial Average was down 18 points at 12,485, the S&P500 was level at 1,314 and the Nasdaq Composite had risen 3 points to 2,840.

LONDON MARKETS

Mining stocks performed strongly. Kazakhmys was 11p ahead at 685p and Vedanta Resources rose 7p to 884p.

The pharmaceuticals company, Shire, recovered some of the ground lost yesterday when it dropped 11% after US regulators agreed to a competitor producing a cut-price version of one of its leading drugs. It was up 52.50p at 1795.50p.

Two companies, which have reported falls in their profit performance, both made strong gains on the London markets this morning.

Domino Printing Sciences saw its pre-tax profits fall 9% but its shares rose 12.25p to 521.25p. Carpetright which reported a drop in underlying pre-tax profits was up by 31.75p at 685.25p.

Petrofac which said it expected this year's profits to grow by 15% was down 8p at 1349p and Stagecoach Group which raised its dividend by nearly 10% jumped 16.35p to 266.15p.

Ocado Group, which said trade had been disrupted by the Diamond Jubilee celebrations and was expecting to be hit further during the Olympic Games, was down nearly 20% falling 21.45p to 86.65p.

In the banking sector Royal Bank of Scotland which is still being badly affected by its computer problems was down 10.25p at 226.55p. Lloyds Banking Group was down 0.45p at 29.96p and Barclays was marked down 2.45p to 191.93p.

Shares in most of the major retailers fluctuated during the day with Sainsbury slipping 1.85p to 212.95p, Morrison down 1.6p at 263.2p, Marks & Spencer off by 0.85p at 322.05p and Debenhams falling 0.25pp to 81.4p. Tesco, however, rose 0.73p to 310.1p.

The major telecommunications companies were little changed. BT was 0.2p firmer at at 201.2p. Vodafone was almost level at 178.68p.

Among the oil majors BP was little changed at 401.93p while Royal Dutch Shell was 2p down at 2156.5p.

Story provided by StockMarketWire.com


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