London's blue chips making gains
London’s blue chips made tentative gains today despite a poor session for property firms.
British Land’s move to delay the sale of a stake in Sheffield’s £1.7 billion Meadowhall shopping centre due to the crunch in debt markets hit shares across the sector.
But the FTSE 100 Index was 10.1 points ahead at 6558 by mid-morning, as gains for miners offset cautious trading before crucial US jobs data later today.
The figures will give experts fresh clues over the health of the world’s largest economy following the recent turmoil in financial markets.
British Land’s failure to gain a decent price for the Meadowhall stake caused its shares to slip nearly 5%, or 55p, to 1109p, making it the Footsie’s leading faller.
In a bleak session for the sector, Liberty International was down 56p at 1129p, Hammerson off 37p at 1183p and Land Securities down 72p at 1671p. Housebuilders also suffered with Barratt Developments down 29.5p at 768.5p and Taylor Wimpey 9p off at 292p.
Mining shares led the leaders’ board after an upbeat note on the sector from brokers at ABN Amro expecting higher iron ore and copper prices. Kazakhmys gained 43p to 1569p – a rise of nearly 3% – followed by Vedanta Resources, up 45p to 2175p.
Other risers included oil giant BP, 11p ahead at 573p on firmer oil prices as it recovered from a poor week.
Back among the fallers, crisis-hit mortgage lender Northern Rock was 4%, or 6.6p, off at 155.1p as the company slipped back from three consecutive sessions of gains.
Low-cost airline easyJet led the FTSE 250 Index after it said annual profits would be towards the top end of the 40% to 50% growth range previously forecast. Shares were 22p higher at 569.5p.
