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Pound Consolidates Gains

By Research, Research Team
03 November 2005 12:34 GMT
London equities markets extended recent gains on Thursday, buoyed by strong earnings updates from ICI, Tate & Lyle and Rentokil. The FTSE 100 traded 33.8 points, or 0.6 percent, higher to 5,391.5 while the mid-cap FTSE 250 was up 46 points, or 0.6 percent, at 7,920.1.

Imperial Chemical Industries led the FTSE 100 gainers, up 6.5 percent at 313p after reporting an 8 per cent increase in third-quarter profit before tax of £133m against the same period a year ago. The results were supported by a good performance from its paints division, and the accompanying statement indicated a strong September has carried over into October. Tate & Lyle climbed 6.4 percent to 501p after announcing an  7 percent rise in first-half profits. Rentokil Initial rose 4.2 percent to 156¼p after reporting third quarter revenue up 5.3 per cent to £559.5m and stated that it  remained on track to meet interim result targets despite tough economic conditions in a number of its markets

UK Gilts were flat in London trade changing hands at 102.70 with a yield of 4.406%. as traders saw little economic to move the market. Tomorrow most participants will focus first on the state of UL housing market when HBOS Survey reports its results and later more importantly on US Non Farm Payroll report.

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03 November 2005 12:34 GMT